August 21, 2013
Market: El Paso, TX
After leading the nation in apartment occupancies and rents during the worst months of the recession, the El Paso multifamily market is showing a decline. As reported by Hendricks-Berkadia, vacancy in El Paso jumped to 8.1% in Q2 2013, up 5.3% year-over-year. Rents fell 3% year-over-year to $784.
With the market slowing down, developers are now growing wary of overbuilding. During the first half of the year, developers requested permits for 1,070 units, up from 460 during the same period of last year. Currently, two apartment projects totaling 260 units are under construction, with one scheduled for completion in Q4 2013 and the next in mid-2014.
Read more at El Paso Inc.