CORPUS CHRISTI APARTMENT OCCUPANCY UP

This appeared in the online publication RECON:

CORPUS CHRISTI APARTMENT OCCUPANCY UP

CORPUS CHRISTI (Apartment Realty Advisors) – Corpus Christi’s multifamily market boasted an average occupancy of 92.5 percent at the end of second quarter 2010, according to the latest market summary from Apartment Realty Advisors (ARA).

This was up from fourth quarter 2009, when the reported occupancy for that MSA was 90.8 percent.

Average market rent for the entire MSA was $706 per unit, or $0.86 psf, with units averaging 825 sf. With concessions, the average effective rent was $674, or $0.82 psf, a difference of 4.54 percent in effective versus market.

The majority of area apartment communities offered some type of concession in the second quarter, ARA reports. The most common was one month’s free rent on a 12-month lease, or a $99 move-in special, covering first month’s rent as well as deposit and application fee.

Properties built in the 1960s and earlier had an average occupancy of 93.3 percent. Complexes built in the 1970s were at 91.9 percent; 1980s, 91.9 percent; 1990s, 95 percent; and 2000s, 93 percent.

@ THE CENTER

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