Absorption for the year is currently at a negative-164 units.Hendricks & Partners report no new multifamily permits havebeen issued and no units came on line in the third quarter showingthe decline of development for that product type.
While the overall vacancy rate is 4.7%, up from 4.1% at the sametime last year, certain submarkets of Corpus Christi are faringbetter than others. Laredo and the Northwest submarkets have thelowest vacancy rates at 3.4% and 3.6%. TheAlice/Robstown/Kingsville has a whopping 11.4% vacancy rate becauseof high vacancies in properties built before 1970, notes thereport.
Rents increases are down across the Corpus Christi market.Average rents went from $532 in September of 2000 to a mere $541 inSeptember 2001. This represents a 1.7% rent gain, down from the2.9% gain enjoyed one year ago.
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