Checkout the occupancy rates (as of Tuesday) for downtown Austin apartment buildings.
Monarch @ 94% or 287 out of 305 units
Legacy On The Lake @ 92% or 172 out of 187 units
Ashton Austin @ 87% leased, 83% occupied or 214 out of 258 units
Gables West @ 92% or 220 out of 239 units
Gables Park Plaza @ 38% out of 188 units
And, it’s a very safe bet that AMLI Downtown (220 units) and AMLI on 2nd (231 units) are hovering between 95-98% occupied.
Our empirical data suggests that lease rates at apartment buildings are hovering in the ball park of $1.75 per rentable foot, on average, net of incentives. MLS statistical reports for year-to-date downtown Austin condo leases corroborates this, reporting $1.88 per foot, on average, and ranging from $1.00-$2.40psf. In 2008, before many of our new apartment buildings were completes, lease rates were even higher. With no new projects on the horizon, and a strong demand for the urban life style, expect downtown lease rates to remain stable.
-Jude
