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There are a lot of choices to be made and
decisions that can affect your moving experience. Take the time to call
several apartments to find the one that you feel the most confident
with. Choose wisely and good luck with your apartment search!
Texas Apartment Market
Update - May 2006
By Patrick O'Connor
Tip!
Find out how much the rent is, and all the financial details therein.
This is very important for comparing apartments.
Although all major Texas apartment
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 year's
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.
Tip!
Whether you have a good rental history. Some apartment complexes will
require you have at least 12 months of rental history before they rent
to you.
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 levels. The market absorbed 216 units over the month; annual
absorption now totals 13,468 units.
Houston Apartment
Rentals
Houston apartment market
occupancy fell 0.19 points over the month to 90.57%, but has gained 3.75
points since this time last year. Rental rates gained $0.001 psf in May
and are up $0.026 psf over the year. Absorption over the month was -477
units; however, over-the-year absorption remains well in the black at
22,628 units.
San Antonio occupancy decreased 0.31
points to 91.38%, and is up 0.17 points over the year. Rental rates
posted a decrease of $0.002 psf over the month, but are up $0.010 psf
since May 2005. Absorption was positive for the fourth month in a row,
at 243 units, while annual absorption stands at 3,792 units.
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