Hendricks-Berkadia's Q3 multifamily report concerning Austin and San Antonio show several interesting dichotomies. One of these involves vacancies; while Austin's 4.6% area-wide vacancy is relatively unchanged from the 4.5% reported during the same time last year, San Antonio's vacancy rate stood at 6.2%, a definitely increase from the 4.8% reported year-over-year.
In both markets, effective rent growth effectively dropped. In San Antonio, Q3 effective rent growth was reported at 1.7% versus the 2.8% reported last year. Further north in Austin, effective rent growth stood at 2.9%, less than the 3.4% reported during the third quarter of 2012.
Read more...Austin MF Vacancy Stays Steady, San Antonio Increases - Daily News Article - GlobeSt.com