Texas Apartment Market Update ? May 2006

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 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.

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 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.

Posted by Jeffrey Donovan on December 13, 2008 at 12:00 AM

About Jeffrey Donovan
Jeffrey Donovan is affliated with Cressy & Everett GMAC, which is located in Elkhart, IN. For further assistance please use the contact information located on the right.

As of 05/23/12 the Jeffrey Donovan RePage is ranked at 3,661 with 415 points.

Local Information for Elkhart, IN

Latitude: 41.683149 -- Longitude: -85.968798

ZIP Codes for Elkhart, Indiana	46514 46515 46516 46517
Area Code for Elkhart, Indiana	574
Time zone for Elkhart, Indiana	EST/ NDST

Other Area Cities: Elkhart, IN South Bend, IN Goshen, IN Mishawaka, IN

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Elkhart has long been the headquarters of numerous manufacturers of musical instruments and accessories, of which most of the surviving companies have been absorbed into the Conn-Selmer conglomerate. In 1884 Dr. Franklin Miles launched the Miles Medical Co. in Elkhart, which in later decades produced products like Alka-Seltzer and One-A-Day vitamins. Later, the Miles Medical Co. was purchased by the German company Bayer, in 1979 and was consolidated into the larger Pittsburgh-based Bayer, Inc. by 1995. Elkhart is home to many Recreational vehicle (RV) manufacturers, including the Damon Corporation, Four Winds, Hy-Line, Keystone, Monaco, Skyline, Sun Valley, and Travel Supreme. Many other manufacturers, including Dutchman, Heartland, Gulf Stream, and Jayco, can be found nearby in Goshen, Middlebury, Nappanee, and Wakarusa. Due to the high concentration of the RV industry in the area, Elkhart is dubbed the "RV Capital of the World." -- Source: Wikipedia.com

Indiana 2000 Census Population Profile Map

	Elkhart	Indiana	United States
Population	51,874	6,080,485	281,421,906
Median age	30.8	35.2	35.3
Median age for Male	30	33.9	34
Median age for Female	31.9	36.5	36.5
Households	20,072	2,336,306	105,480,101
Household population	51,216	5,902,331	273,643,273
Average household size	2.55	2.53	2.59
Families	12,506	1,602,501	71,787,347
Average family size	3.16	3.05	3.14
Housing units	21,688	2,532,319	115,904,641
Occupied units	20,072	2,336,306	105,480,101
Vacant units	1,616	196,013	10,424,540

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Texas Apartment Market Update ? May 2006

Local Information for Elkhart, IN

Latitude: 41.683149 -- Longitude: -85.968798

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