Although all major Texas markets posted decreases in average occupancy in May, occupancy remains above 90% in all four, with Austin recording the highest at 93.02%. The lowest occupancy was found in Dallas/Fort Worth at 90.18%.
Austin has the highest average rent per square foot as well, at $0.931 per square foot (psf); Dallas/Fort Worth posted the second highest at $0.868 psf. The strongest monthly absorption was found in San Antonio, which absorbed 243 units in May. Posting the weakest absorption figures in May was the Houston market, at -477 units. Austin apartment market occupancy decreased 0.36 points in May to 93.02%, but remains 1.64 points above last years
level. Average rents, currently at $0.931 psf, are $0.002 psf higher than last month and $0.003 psf higher than last year. Monthly absorption returned to positive territory, as 236 units were absorbed, bringing annual absorption to 3,709 units.
Dallas/Fort Worth apartment market occupancy was down 0.17 points over the month. Currently at 90.18%, occupancy is 1.46 points higher than this time last year. Average rents increased $0.001 psf to $0.868 psf, and are $0.005 psf higher than May 2005...
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