Builders added 40 units in the third quarter, the first this year, while construction continued on 990 units in the metropolitan area, according to the third quarter 2013 report from Hendricks-Berkadia.
Rental demand remained positive with the net absorption of 60 units in 3Q 2013. The leasing activity slowed from the 110 units absorbed in the previous quarter.
Average asking rent ascended 2.6 percent to $872 per month in September from June. Asking rents in 3Q 2013 were up 7.3 percent from 12 months ago.
Read more...Corpus Christi apartments 3Q 2013: Hendricks-Berkadia via Real Estate Center at Texas A&M