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2012

2012. PRESENTED BY JEREMY HARSON Beau Box Commercial Real Estate. SCOPE OF RESEARCH. Total of 13,081 units surveyed 11,689 units in Lafayette 1,392 units represented within Lafayette Parish 80 complexes surveyed Approximately 5,000 units that were not surveyed

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2012

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  1. 2012 PRESENTED BY JEREMY HARSON Beau Box Commercial Real Estate

  2. SCOPE OF RESEARCH • Total of 13,081 units surveyed • 11,689 units in Lafayette • 1,392 units represented • within Lafayette Parish • 80 complexes surveyed • Approximately 5,000 units • that were not surveyed • There are an estimated total • or approximately 16,000 apartment units in Lafayette 2012

  3. ECONOMIC INDICATORS • Problems in Housing Market Sales • Supply of New Construction Multi-Family Complexes • Perceived Economic Environment Improvements • Unemployment Rate (Local & National) 2012

  4. UNEMPLOYMENT TRENDS Low Unemployment = Low Vacancy 1262 12.0 10.0 8.0 6.0 563 4.0 412 310 242 2.0 154 0.0 2005 2006 2007 2008 2009 2010 2011 State Unemployment Lafayette Unemployment Vacancy Rates National Unemployment 2012

  5. OCCUPANCY RATES – ENTIRE MARKET 100% 99% 97% 95% 95% 95% 94% 94% 90% 91% 89% 85% 80% 2004 2005 2006 2007 2008 2009 2010 2011 75% 2012

  6. SUPPLY TRENDS New Units by Year* *according to permits issued 1,400 1262 1,200 1,000 800 600 563 400 412 310 242 200 154 0 2005 2006 2007 2008 2009 2010 2011 2012

  7. SUPPLY TRENDS Construction Permit Dollars by Year (Millions) $ 80 $73.8 $ 70 $ 60 $ 50 $47.9 $ 40 $ 30 $29.6 $ 20 $20.5 $14.8 $13.4 $ 10 $5 $ 0 2010 2011 2009 2008 2005 2006 2007 2012

  8. MULTIFAMILY – CLASS A • Distinguishing Factors: • Age – typically less than 10 years old • Designed with a community focus • Gated for security • Resort-style amenities: • Business centers • Washer/dryer hook-ups • Upgraded appliances • Enhanced fitness centers – gymnasiums • Garages 2012

  9. RENTAL RATES – CLASS A $ 1,600 $ 1,400 $1,445 $1,344 $ 1,200 $1,314 $1,208 $ 1,000 $1,063 $943 $ 800 $ 600 $ 400 $ 200 $ 0 1 Bedroom 2 Bedroom 3 Bedroom 2010 2011 2012

  10. OCCUPANCY – CLASS A Vacant Occupied 91% 92% 9% 8% 2010 2011 2012

  11. MULTIFAMILY – CLASS B • Distinguishing Factors: • Age – typically older than 10 years old • Older facilities with better locations • General parking areas for tenants • Laundry facilities in common areas • Smaller recreational areas • Amenities: • Covered parking • Fitness centers • Multiple pools • Multiple laundry facilities 2012

  12. RENTAL RATES – CLASS B $686 $696 $ 1,000 $ 900 $926 $892 $ 800 $ 700 $696 $ 600 $686 $598 $587 $ 500 $ 400 $ 300 $ 200 $ 100 $ 0 1 Bedroom 2 Bedroom 3 Bedroom 2010 2011 2012

  13. OCCUPANCY – CLASS B Vacant Occupied 97% 96% 4% 3% 2010 2011 2012

  14. WHAT’S MOVING? • University Place Apartments = 192 Units = Sold for $44,792/unit. • Acadian House Apartments = 261 Units = Sold for $44,828/unit. • Moss Gardens Apartments = 114 Units = Sold for $26,754/unit. • Willow Park Apartments = 88 Units = Sold for $30,682/unit. • Magnolia Apartments = 26 Units = Sold for $41,154/unit. • South College Gardens = 60 Units = Sold for $41,667/unit • Himbola Manor Apartments = 136 Units = Listed for $33,088/unit. (Under Contract) 2012

  15. CONCLUSION • Supply Absorption has been the going theme since 2009 with a sharp increase in Class A units. • Occupancy levels may actually see an increase for 2012 with the lack of new construction expected to take place. • While the Mortgage Industry is recovering, it may be some time before it affects the rental market. • With unemployment levels expected to stay low due to the strong state of the oil industry and evolving local economy, the local rental market looks to remain strong for the short and mid-term. 2012

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