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Lubbock, TX
Conventional PropertiesAug
2018Annual Chg
Occupancy 90.6 +1.7%
Unit Change 192
Units Absorbed (Annual) 454
Average Size (SF) 829 -0.2%
Asking Rent $755 +1.2%
Asking Rent per SF $0.91 +1.5%
Efective Rent $745 +0.7%
Efective Rent per SF $0.90 +0.9%
% Ofering Concessions 21% +28.6%
Ave. Concession Package 6.2% +31.3%
End of August, 2018
General Overview
Market Breakdown
Property Type % of Market # Properties # Units Occ. Avg SF Avg Mkt Rent Avg Ef Rent Avg % Discount
Conventional 65% 131 17,441 90.6% 830 $755 $745 6.2%
Afordable 9% 21 2,294 94.0% 979 $628 $628 0.0%
Senior Living 6% 13 1,514 78.0% 784 $1,639 $1,639 0.0%
Student Housing 21% 26 5,665 79.0% 1,188 $1,501 $1,496 6.2%
Totals 191 26,914
Top 5 Submarkets
Occupancy Annual Change Aug-18 Change
Southwest 92.0% 3.9%
Southeast 89.0% 2.3%
North/University/Downtown 87.7% -3.8%
Efective Rent ains Aug-18 Change
Southwest $756 3.8%
Southeast $736 1.0%
North/University/Downtown $739 0.9%
New Units
ALN Apartment Data tracks 11K management companies with over 125K properties, comprised of over 16 million total units. We ofer our clients
feature-rich, user-friendly platforms to perform research with confdence, and our comprehensive services are available nationwide. Copyrights: All
data, information and material provided through ALN Platforms or Reports are copyrighted. All resales, redistribution, or other forms of
dissemination is strictly forbidden. For ALN editorial inserts, sourcing, questions, or
additional information about our services, please contact [email protected] or call
800-643-6416 x 3. www.alndata.com
NATIONWIDE MULTIFAMILY DATA
Lubbock, TX
Conventional Properties Jul 2018 Annual Chg
Occupancy 89.7 +1.3%
Unit Change 192
Units Absorbed (Annual) 385
Average Size (SF) 829 -0.1%
Asking Rent $754 +1.0%
Asking Rent per SF $0.91 +1.2%
Effective Rent $746 +0.7%
Effective Rent per SF $0.90 +0.9%
% Offering Concessions 23% +50.3%
Ave. Concession Package 5.8% -2.7%
End of July, 2018
General Overview
Market Breakdown
Property Type % of Market # Properties # Units Occ. Avg SF Avg Mkt Rent Avg Eff Rent Avg % Discount
Conventional 65% 130 17,249 89.9% 830 $753 $745 5.8%
Affordable 8% 20 2,194 94.6% 991 $633 $633 0.0%
Senior Living 6% 13 1,514 79.9% 780 $1,615 $1,615 0.0%
Student Housing 21% 26 5,665 83.2% 1,188 $1,518 $1,509 14.8%
Totals 189 26,622
Top 5 Submarkets
Occupancy Annual Change Jul-18 Change
Southwest 90.8% 2.2%
North/University/Downtown 88.3% 0.9%
Southeast 85.8% -3.5%
Effective Rent Gains Jul-18 Change
Southwest $754 3.1%
North/University/Downtown $745 2.1%
Southeast $737 0.7%
New Units
ALN Apartment Data tracks 11K management companies with over 125K properties, comprised of over 16 million total units. We offer our clients
feature-rich, user-friendly platforms to perform research with confidence, and our comprehensive services are available nationwide. Copyrights: All
data, information and material provided through ALN Platforms or Reports are copyrighted. All resales, redistribution, or other forms of
dissemination is strictly forbidden. For ALN editorial inserts, sourcing, questions, or
additional information about our services, please contact [email protected] or call
800-643-6416 x 3. www.alndata.comNATIONWIDE MULTIFAMILY DATA
Lubbock, TX
Conventional PropertiesJun
2018Annual Chg
Occupancy 89.5 -1.3%
Unit Change 402
Units Absorbed (Annual) 141
Average Size (SF) 829 -0.4%
Asking Rent $749 +0.3%
Asking Rent per SF $0.90 +0.7%
Effective Rent $741 +0.2%
Effective Rent per SF $0.89 +0.6%
% Offering Concessions 23% +38.0%
Ave. Concession Package 5.6% +3.5%
End of June, 2018
General Overview
Market Breakdown
Property Type % of Market # Properties # Units Occ. Avg SF Avg Mkt Rent Avg Eff Rent Avg % Discount
Conventional 65% 130 17,249 89.6% 830 $748 $740 5.6%
Affordable 8% 20 2,194 94.3% 991 $636 $636 0.0%
Senior Living 5% 12 1,406 90.5% 775 $1,730 $1,730 0.0%
Student Housing 21% 26 5,665 81.5% 1,188 $1,519 $1,510 14.8%
Totals 188 26,514
Top 5 Submarkets
Occupancy Annual Change Jun-18 Change
North/University/Downtown 88.7% 1.5%
Southwest 90.6% -1.2%
Southeast 84.8% -7.8%
Effective Rent Gains Jun-18 Change
Southwest $748 3.0%
North/University/Downtown $743 2.0%
Southeast $732 -1.6%
New Units
ALN Apartment Data tracks 11K management companies with over 125K properties, comprised of over 16 million total units. We offer our clients
feature-rich, user-friendly platforms to perform research with confidence, and our comprehensive services are available nationwide. Copyrights: All
data, information and material provided through ALN Platforms or Reports are copyrighted. All resales, redistribution, or other forms of
dissemination is strictly forbidden. For ALN editorial inserts, sourcing, questions, or
additional information about our services, please contact [email protected] or call
800-643-6416 x 3. www.alndata.comNATIONWIDE MULTIFAMILY DATA
Lubbock, TX
Conventional PropertiesJan
2018Annual Chg
Occupancy 90.5 -0.8%
Unit Change 210
Units Absorbed (Annual) 61
Average Size (SF) 829 -0.6%
Asking Rent $746 +0.3%
Asking Rent per SF $0.90 +1.0%
Effective Rent $737 -0.3%
Effective Rent per SF $0.89 +0.4%
% Offering Concessions 21% -2.5%
Ave. Concession Package 5.9% +78.9%
End of January, 2018
General Overview
Market Breakdown
Property Type % of Market # Properties # Units Occ. Avg SF Avg Mkt Rent Avg Eff Rent Avg % Discount
Conventional 65% 131 17,416 90.5% 830 $746 $737 5.9%
Affordable 8% 20 2,194 91.2% 991 $629 $623 12.3%
Senior Living 5% 11 1,467 98.3% 779 $617 $617 0.0%
Student Housing 21% 26 5,665 80.7% 1,188 $1,553 $1,548 8.3%
Totals 188 26,742
Top 5 Submarkets
Occupancy Annual Change Jan-18 Change
North/University/Downtown 92.5% 2.7%
Southwest 90.6% -1.6%
Southeast 85.9% -6.0%
Effective Rent Gains Jan-18 Change
Southwest $745 1.2%
North/University/Downtown $740 -0.5%
Southeast $724 -4.4%
New Units
ALN Apartment Data tracks 11K management companies with over 125K properties, comprised of over 16 million total units. We offer our clients
feature-rich, user-friendly platforms to perform research with confidence, and our comprehensive services are available nationwide. Copyrights: All
data, information and material provided through ALN Platforms or Reports are copyrighted. All resales, redistribution, or other forms of
dissemination is strictly forbidden. For ALN editorial inserts, sourcing, questions, or
additional information about our services, please contact [email protected] or call
800-643-6416 x 3. www.alndata.comNATIONWIDE MULTIFAMILY DATA
Lubbock, TX
Conventional Properties Sep-17 Annual Chg
Occupancy 89.3 -2.2%
Units Added 352
Units Absorbed (Annual) -134
Average Size (SF) 829 +0.1%
Asking Rent $743 +0.2%
Asking Rent per SF $0.90 +0.3%
Efective Rent $737 +0.2%
Efective Rent per SF $0.89 +0.3%
% Ofering oncessions 16% +3.5%
Ave. oncession Package 5.0% 0.0%
End of September, 2017
General Overview
Market Breakdown
Property Type % of Market # Properties # Units Occ. Avg SF Avg Mkt Rent Avg Ef Rent Avg % Discount
onventional 66% 130 17,368 89.3% 829 $743 $737 5.0%
Afordable 8% 20 2,194 90.5% 991 $617 $613 3.7%
Senior Living 6% 11 1,467 96.7% 779 $597 $597 0.0%
Student Housing 20% 24 5,155 71.0% 1,158 $1,477 $1,464 16.6%
Totals 185 26,184
Top 5 Submarkets
Occupancy Annual Change Sep-17 Change
Southwest 89.0% -3.9%
North/University/Downtown 91.0% -4.0%
Southeast 85.9% -4.6%
Efective Rent ains Sep-17 Change
Southwest $746 1.2%
Southeast $733 -1.5%
North/University/Downtown $734 -3.6%
New Units
ALN Apartment Data tracks 11K management companies with over 125K properties, comprised of over 16 million total units. We ofer our clients
feature-rich, user-friendly platforms to perform research with confdence, and our comprehensive services are available nationwide. Copyrights: All
data, information and material provided through ALN Platforms or Reports are copyrighted. All resales, redistribution, or other forms of
dissemination is strictly forbidden. For ALN editorial inserts, sourcing, questions, or
additional information about our services, please contact [email protected] or call
800-643-6416 x 3. www.alndata.com
NATIONWIDE MULTIFAMILY DATA
LUBBOCK REVIEW
Lubbock MarketGeneral Overview
May2017
AnnualChange
Occupancy: 91.1 0%
Units Added: 142
Units Absorbed (Annual): 134
Average Size (SF): 831 +0.6%
Asking Rent: $743 +2.5%
Asking Rent per SF: $0.89 +2.2%
Effective Rent: $736 +2.3%
Effective Rent per SF: $0.89 +2.0%
% Offering Concessions: 19% +34.4%
Ave. Concession Package: 4.7% -25.6%
Lubbock MarketStabilized Properties
May2017
AnnualChange
Occupancy: 91.9 -1.5%
Unit Change: 863
Units Absorbed (Annual): -236
Average Size (SF): 829 +0.3%
Asking Rent: $736 +1.6%
Asking Rent per SF: $0.89 +1.5%
Effective Rent: $730 +1.4%
Effective Rent per SF: $0.88 +1.4%
% Offering Concessions: 18% +29.6%
Ave. Concession Package: 4.6% -28.7%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
Disc
Eff 2.6% 422 $539 $535 0.7%
1 BR 39.6% 679 $681 $676 0.8%
1 DEN 0.0% 755 $640 $640 0.0%
2 BR 36.9% 967 $852 $846 0.8%
2 DEN 0.1% 1,005 $1,085 $1,085 0.0%
3 BR 10.6% 1,238 $1,211 $1,206 0.5%
>3 BR 10.1% 1,541 $2,133 $2,131 0.1%
OTHER MARKETS Amarillo Abilene Midland-Odessa Wichita Falls
May 2017AnnualChange May 2017
AnnualChange May 2017
AnnualChange May 2017
AnnualChange
Occupancy: 89.7 +0.5% 91.2 -1.1% 92.4 +8.4% 86.0 -0.3%
Units Added: 0 48 180 0
Units Absorbed (Annual): 417 499 1,747 -57
Average Size (SF): 835 +1.1% 867 -1.7% 867 -0.3% 828 +0.2%
Asking Rent: $728 +2.0% $727 +2.0% $1,062 +9.1% $657 +5.2%
Asking Rent per SF: $0.87 +1.0% $0.84 +3.9% $1.22 +9.5% $0.79 +5.0%
Effective Rent: $717 +2.5% $725 +2.4% $1,057 +12.2% $640 +4.1%
Effective Rent per SF: $0.86 +1.5% $0.83 +4.2% $1.22 +12.6% $0.77 +3.9%
% Offering Concessions: 27% -15.0% 10% -44.3% 9% -71.0% 40% +42.1%
Ave. Concession Package: 5.3% -5.1% 2.4% -39.0% 7.7% -22.3% 5.9% +11.8%
LUBBOCK REVIEW
Lubbock MarketGeneral Overview
Feb2017
AnnualChange
Occupancy: 88.6 -4.5%
Units Added: 378
Units Absorbed (Annual): -241
Average Size (SF): 852 +0.1%
Asking Rent: $757 +1.8%
Asking Rent per SF: $0.89 +1.8%
Effective Rent: $750 +1.7%
Effective Rent per SF: $0.88 +1.6%
% Offering Concessions: 23% +63.5%
Ave. Concession Package: 3.6% -48.4%
Lubbock MarketStabilized Properties
Feb2017
AnnualChange
Occupancy: 90.9 -2.1%
Unit Change: 734
Units Absorbed (Annual): -195
Average Size (SF): 849 -0.2%
Asking Rent: $751 +1.0%
Asking Rent per SF: $0.88 +1.2%
Effective Rent: $745 +1.1%
Effective Rent per SF: $0.88 +1.2%
% Offering Concessions: 23% +59.2%
Ave. Concession Package: 3.1% -73.3%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
Disc
Eff 2.6% 420 $533 $528 0.9%
1 BR 38.6% 675 $680 $675 0.7%
1 DEN 0.0% 755 $640 $640 0.0%
2 BR 37.4% 968 $870 $864 0.7%
2 DEN 0.2% 1,037 $1,110 $1,018 8.3%
3 BR 12.5% 1,261 $1,170 $1,167 0.2%
>3 BR 8.6% 1,538 $2,148 $2,147 0.1%
OTHER MARKETS Amarillo Abilene Midland-Odessa Wichita Falls
Feb 2017AnnualChange Feb 2017
AnnualChange Feb 2017
AnnualChange Feb 2017
AnnualChange
Occupancy: 89.4 +0.5% 88.4 -3.7% 89.3 +2.8% 86.1 -0.6%
Units Added: 48 0 180 0
Units Absorbed (Annual): 631 212 1,068 19
Average Size (SF): 835 +1.6% 866 -1.9% 867 +0.2% 827 N/A
Asking Rent: $728 +3.5% $721 +0.1% $958 -6.2% $651 N/A
Asking Rent per SF: $0.87 +1.9% $0.83 +2.2% $1.10 -6.3% $0.79 N/A
Effective Rent: $717 +4.1% $712 -0.7% $943 -5.8% $637 N/A
Effective Rent per SF: $0.86 +2.5% $0.82 +1.4% $1.09 -5.9% $0.77 N/A
% Offering Concessions: 25% -7.4% 20% +52.0% 27% +7.0% 39% N/A
Ave. Concession Package: 4.9% -28.2% 4.4% +10.2% 5.5% -24.4% 5.1% N/A
LUBBOCK REVIEW
Lubbock MarketGeneral Overview
Dec2016
AnnualChange
Occupancy: 93.1 -1.2%
Units Added: 0
Units Absorbed (Annual): -176
Average Size (SF): 849 +0.3%
Asking Rent: $751 +1.8%
Asking Rent per SF: $0.88 +1.8%
Effective Rent: $748 +1.8%
Effective Rent per SF: $0.88 +1.8%
% Offering Concessions: 15% +58.7%
Ave. Concession Package: 4.2% -11.9%
Lubbock MarketStabilized Properties
Dec2016
AnnualChange
Occupancy: 93.1 -1.2%
Unit Change: 498
Units Absorbed (Annual): -175
Average Size (SF): 849 +0.3%
Asking Rent: $751 +1.8%
Asking Rent per SF: $0.88 +1.8%
Effective Rent: $748 +1.8%
Effective Rent per SF: $0.88 +1.8%
% Offering Concessions: 15% +58.7%
Ave. Concession Package: 4.2% -11.9%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
Disc
Eff 2.3% 413 $513 $510 0.6%
1 BR 38.7% 668 $680 $677 0.4%
1 DEN 0.0% 755 $640 $640 0.0%
2 BR 37.4% 957 $868 $860 0.9%
2 DEN 0.2% 1,037 $1,146 $1,146 0.0%
3 BR 13.3% 1,260 $1,188 $1,178 0.8%
>3 BR 8.0% 1,567 $2,094 $2,070 1.2%
OTHER MARKETS Amarillo Abilene Midland-Odessa Wichita Falls
Dec 2016AnnualChange Dec 2016
AnnualChange Dec 2016
AnnualChange Dec 2016
AnnualChange
Occupancy: 89.0 +1.2% 88.4 -4.1% 87.5 -0.8% 87.6 +1.2%
Units Added: 48 0 180 0
Units Absorbed (Annual): 1,198 198 373 190
Average Size (SF): 834 +1.3% 856 -2.2% 869 +0.5% 825 N/A
Asking Rent: $727 +3.5% $708 -2.2% $946 -10.7% $644 N/A
Asking Rent per SF: $0.87 +2.3% $0.83 0.0% $1.09 -11.1% $0.78 N/A
Effective Rent: $710 +3.5% $700 -2.8% $920 -11.9% $628 N/A
Effective Rent per SF: $0.85 +2.4% $0.82 -0.6% $1.06 -12.3% $0.76 N/A
% Offering Concessions: 33% +13.0% 18% -5.0% 30% +48.0% 35% N/A
Ave. Concession Package: 6.0% -18.1% 4.8% +33.3% 8.8% +43.5% 6.1% N/A
LUBBOCK REVIEWLubbock Market
General OverviewSep2016
AnnualChange
Occupancy: 93.5 +0.2%Units Added: 0
Units Absorbed (Annual): 26Average Size (SF): 850 +0.6%
Asking Rent: $759 +4.2%Asking Rent per SF: $0.89 +3.6%
Effective Rent: $754 +4.1%Effective Rent per SF: $0.89 +3.5%
% Offering Concessions: 14% -1.2%Ave. Concession Package: 5.0% -21.7%
Lubbock MarketStabilized Properties
Sep2016
AnnualChange
Occupancy: 93.5 +0.2%Unit Change: 498
Units Absorbed (Annual): 26Average Size (SF): 850 +0.6%
Asking Rent: $759 +4.2%Asking Rent per SF: $0.89 +3.6%
Effective Rent: $754 +4.1%Effective Rent per SF: $0.89 +3.5%
% Offering Concessions: 14% -1.2%Ave. Concession Package: 5.0% -21.7%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.3% 413 $510 $509 0.3%1 BR 38.8% 668 $687 $683 0.6%1 DEN 0.0% 755 $640 $640 0.0%2 BR 37.4% 958 $874 $867 0.8%2 DEN 0.2% 1,037 $1,146 $1,146 0.0%3 BR 13.3% 1,260 $1,200 $1,190 0.8%>3 BR 8.0% 1,567 $2,121 $2,115 0.3%
OTHER MARKETS Amarillo Abilene Midland-Odessa Wichita Falls
Sep 2016AnnualChange Sep 2016
AnnualChange Sep 2016
AnnualChange Sep 2016
AnnualChange
Occupancy: 88.9 +1.4% 91.6 -1.2% 84.9 -2.0% 87.3 -1.5%Units Added: 528 0 336 36
Units Absorbed (Annual): 1,277 -24 478 -48Average Size (SF): 834 +1% 864 -0.9% 870 +0.4% 825 N/A
Asking Rent: $729 +3.2% $695 -2.0% $940 -16.2% $641 N/A Asking Rent per SF: $0.87 +2.2% $0.80 -1.0% $1.08 -16.5% $0.78 N/A
Effective Rent: $719 +3.8% $688 -2.2% $914 -17.2% $626 N/A Effective Rent per SF: $0.86 +2.8% $0.79 -1.2% $1.05 -17.4% $0.76 N/A
% Offering Concessions: 28% +7.2% 25% +21.9% 34% +47.6% 32% N/A Ave. Concession Package: 4.5% -39.9% 4.2% +6.3% 8.1% +39.8% 7.1% N/A
LUBBOCK REVIEWLubbock Market
General OverviewJul
2016AnnualChange
Occupancy: 91.7 +0.7%Units Added: 0
Units Absorbed (Annual): 9Average Size (SF): 850 +0.6%
Asking Rent: $756 +4.2%Asking Rent per SF: $0.89 +3.5%
Effective Rent: $750 +3.7%Effective Rent per SF: $0.88 +2.9%
% Offering Concessions: 16% +15.3%Ave. Concession Package: 5.4% +37.4%
Lubbock MarketStabilized Properties
Jul2016
AnnualChange
Occupancy: 91.7 +0.7%Unit Change: 498
Units Absorbed (Annual): 9Average Size (SF): 850 +0.6%
Asking Rent: $756 +4.2%Asking Rent per SF: $0.89 +3.5%
Effective Rent: $750 +3.7%Effective Rent per SF: $0.88 +2.9%
% Offering Concessions: 16% +15.3%Ave. Concession Package: 5.4% +37.4%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.3% 413 $512 $510 0.4%1 BR 38.5% 667 $683 $677 0.9%1 DEN 0.0% 755 $640 $640 0.0%2 BR 37.7% 959 $870 $864 0.7%3 BR 13.4% 1,259 $1,198 $1,194 0.3%>3 BR 8.1% 1,567 $2,140 $2,139 0.1%
OTHER MARKETS Amarillo Abilene Midland-Odessa Wichita Falls
Jul 2016AnnualChange Jul 2016
AnnualChange Jul 2016
AnnualChange Jul 2016
AnnualChange
Occupancy: 88.9 +1.1% 91.4 -1.1% 85.1 -0.9% 88.3 +1.2%Units Added: 120 0 156 0
Units Absorbed (Annual): 811 -47 696 107Average Size (SF): 826 -0.1% 864 -0.9% 870 +0.8% 824 N/A
Asking Rent: $717 +2.3% $695 -1.4% $944 -17.5% $639 N/A Asking Rent per SF: $0.87 +2.4% $0.80 -0.4% $1.08 -18.1% $0.78 N/A
Effective Rent: $706 +2.9% $691 -1.2% $915 -19.0% $624 N/A Effective Rent per SF: $0.85 +3.0% $0.80 -0.3% $1.05 -19.6% $0.76 N/A
% Offering Concessions: 25% -18.4% 15% -35.0% 36% +95.8% 29% N/A Ave. Concession Package: 5.9% -3.4% 4.0% +14.5% 8.1% +41.8% 7.5% N/A
LUBBOCK REVIEWLubbock Market
General OverviewJun
2016AnnualChange
Occupancy: 92.0 -0.2%Units Added: 0
Units Absorbed (Annual): -134Average Size (SF): 850 +0.6%
Asking Rent: $748 +3.7%Asking Rent per SF: $0.88 +3.0%
Effective Rent: $739 +2.9%Effective Rent per SF: $0.87 +2.2%
% Offering Concessions: 17% 0.0%Ave. Concession Package: 6.7% +49.7%
Lubbock MarketStabilized Properties
Jun2016
AnnualChange
Occupancy: 92.0 -0.2%Unit Change: 288
Units Absorbed (Annual): -134Average Size (SF): 850 +0.6%
Asking Rent: $748 +3.7%Asking Rent per SF: $0.88 +3.0%
Effective Rent: $739 +2.9%Effective Rent per SF: $0.87 +2.2%
% Offering Concessions: 17% 0.0%Ave. Concession Package: 6.7% +49.7%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.3% 413 $509 $508 0.2%1 BR 38.4% 666 $679 $671 1.1%1 DEN 0.0% 755 $640 $640 0.0%2 BR 37.6% 958 $866 $857 1.0%3 BR 13.4% 1,261 $1,203 $1,200 0.3%>3 BR 8.2% 1,567 $2,144 $2,143 0.1%
OTHER MARKETS Amarillo Abilene Midland-Odessa Wichita Falls
Jun 2016AnnualChange Jun 2016
AnnualChange Jun 2016
AnnualChange Jun 2016
AnnualChange
Occupancy: 89.0 +0.5% 91.7 -1.4% 85.4 +0.6% 88.1 +1.4%Units Added: 120 0 156 0
Units Absorbed (Annual): 732 -65 945 186Average Size (SF): 826 +0.3% 865 -0.8% 871 +0.8% 824 N/A
Asking Rent: $715 +2.0% $695 -0.6% $954 -19.4% $638 N/A Asking Rent per SF: $0.87 +1.8% $0.80 +0.2% $1.10 -19.9% $0.77 N/A
Effective Rent: $700 +1.6% $692 -0.1% $927 -21.1% $627 N/A Effective Rent per SF: $0.85 +1.3% $0.80 +0.8% $1.06 -21.6% $0.76 N/A
% Offering Concessions: 31% +7.6% 15% -45.5% 30% +110.6% 28% N/A Ave. Concession Package: 5.6% -7.1% 3.4% -18.2% 9.8% +50.0% 6.3% N/A
LUBBOCK REVIEWLubbock Market
General OverviewMay2016
AnnualChange
Occupancy: 93.4 +1.0%Units Added: 0
Units Absorbed (Annual): 41Average Size (SF): 850 +0.5%
Asking Rent: $744 +3.1%Asking Rent per SF: $0.87 +2.5%
Effective Rent: $740 +2.8%Effective Rent per SF: $0.87 +2.3%
% Offering Concessions: 11% -43.8%Ave. Concession Package: 5.9% +49.7%
Lubbock MarketStabilized Properties
May2016
AnnualChange
Occupancy: 93.4 +1.0%Units Added: 288
Units Absorbed (Annual): 40Average Size (SF): 850 +0.5%
Asking Rent: $744 +3.1%Asking Rent per SF: $0.87 +2.5%
Effective Rent: $740 +2.8%Effective Rent per SF: $0.87 +2.3%
% Offering Concessions: 11% -43.8%Ave. Concession Package: 5.9% +49.7%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.3% 402 $502 $502 0.2%1 BR 37.5% 667 $677 $672 0.7%1 DEN 0.0% 755 $640 $640 0.0%2 BR 36.8% 958 $863 $858 0.6%3 BR 13.5% 1,268 $1,222 $1,220 0.2%>3 BR 9.9% 1,600 $2,170 $2,168 0.1%
OTHER MARKETS Amarillo Abilene Midland-Odessa Wichita Falls
May 2016AnnualChange May 2016
AnnualChange May 2016
AnnualChange May 2016
AnnualChange
Occupancy: 89.4 +1.0% 91.1 -0.4% 85.0 -2.4% 86.3 -1.4%Units Added: 120 0 370 0
Units Absorbed (Annual): 791 9 624 -95Average Size (SF): 826 +0.3% 870 -0.5% 871 +1.2% 824 N/A
Asking Rent: $713 +2.4% $699 +1.0% $974 -19.9% $637 N/A Asking Rent per SF: $0.86 +2.2% $0.80 +1.3% $1.12 -20.8% $0.77 N/A
Effective Rent: $699 +2.1% $694 +1.4% $943 -22.1% $627 N/A Effective Rent per SF: $0.85 +1.9% $0.80 +1.6% $1.08 -23.0% $0.76 N/A
% Offering Concessions: 31% +2.0% 21% -33.3% 32% +250.0% 28% N/A Ave. Concession Package: 5.6% -3.3% 3.5% -3.2% 9.4% +47.1% 5.3% N/A
LUBBOCK REVIEWLubbock Market
General OverviewApr
2016AnnualChange
Occupancy: 93.7 +2.3%Units Added: 0
Units Absorbed (Annual): 493Average Size (SF): 853 +0.7%
Asking Rent: $746 +3.7%Asking Rent per SF: $0.87 +3.1%
Effective Rent: $743 +3.7%Effective Rent per SF: $0.87 +3.1%
% Offering Concessions: 12% -16.7%Ave. Concession Package: 4.4% +19.4%
Lubbock MarketStabilized Properties
Apr2016
AnnualChange
Occupancy: 93.7 +2.3%Units Added: 288
Units Absorbed (Annual): 492Average Size (SF): 853 +0.7%
Asking Rent: $746 +3.7%Asking Rent per SF: $0.87 +3.1%
Effective Rent: $743 +3.7%Effective Rent per SF: $0.87 +3.1%
% Offering Concessions: 12% -16.7%Ave. Concession Package: 4.4% +19.4%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 3.7% 455 $627 $627 0.1%1 BR 37.5% 671 $674 $670 0.5%1 DEN 0.0% 755 $650 $650 0.0%2 BR 37.3% 956 $861 $858 0.4%3 BR 13.3% 1,251 $1,180 $1,178 0.1%>3 BR 8.2% 1,562 $2,110 $2,110 0.0%
OTHER MARKETS Amarillo Abilene Midland-Odessa Wichita Falls
Apr 2016AnnualChange Apr 2016
AnnualChange Apr 2016
AnnualChange Apr 2016
AnnualChange
Occupancy: 88.4 -3.4% 90.8 -1.5% 86.7 -1.8% 85.6 -1.9%Units Added: 360 0 442 0
Units Absorbed (Annual): 454 -62 804 -172Average Size (SF): 826 +0.6% 870 -0.6% 871 N/A 827 N/A
Asking Rent: $709 +2.8% $707 +2.6% $980 N/A $642 N/A Asking Rent per SF: $0.86 +2.2% $0.81 +2.9% $1.13 N/A $0.78 N/A
Effective Rent: $695 +2.3% $703 +3.1% $950 N/A $629 N/A Effective Rent per SF: $0.84 +1.7% $0.81 +3.4% $1.09 N/A $0.76 N/A
% Offering Concessions: 30% +10.0% 15% -40.0% 32% N/A 32% N/A Ave. Concession Package: 5.5% -11.1% 3.7% -7.9% 9.3% N/A 6.1% N/A
LUBBOCK REVIEWLubbock Market
General OverviewMar2016
AnnualChange
Occupancy: 93.2 +0.6%Units Added: 0
Units Absorbed (Annual): 252Average Size (SF): 852 +0.6%
Asking Rent: $743 +4.0%Asking Rent per SF: $0.87 +3.5%
Effective Rent: $740 +3.9%Effective Rent per SF: $0.87 +3.4%
% Offering Concessions: 11% -17.2%Ave. Concession Package: 5.0% +32.5%
Lubbock MarketStabilized Properties
Mar2016
AnnualChange
Occupancy: 93.2 +0.6%Units Added: 0
Units Absorbed (Annual): 252Average Size (SF): 852 +0.6%
Asking Rent: $743 +4.0%Asking Rent per SF: $0.87 +3.5%
Effective Rent: $740 +3.9%Effective Rent per SF: $0.87 +3.4%
% Offering Concessions: 11% -17.2%Ave. Concession Package: 5.0% +32.5%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 3.7% 455 $626 $625 0.0%1 BR 37.2% 667 $668 $665 0.5%1 DEN 0.0% 755 $650 $650 0.0%2 BR 37.3% 953 $859 $856 0.4%3 BR 13.5% 1,251 $1,175 $1,173 0.1%>3 BR 8.3% 1,562 $2,106 $2,106 0.0%
OTHER MARKETS Amarillo Abilene Midland-Odessa Wichita Falls
Mar 2016AnnualChange Mar 2016
AnnualChange Mar 2016
AnnualChange Mar 2016
AnnualChange
Occupancy: 89.5 -1.5% 91.1 -0.5% 86.6 -1.5% 86.2 -2.1%Units Added: 360 0 670 0
Units Absorbed (Annual): 680 28 493 -191Average Size (SF): 826 +0.6% 870 -0.6% 869 N/A 827 N/A
Asking Rent: $709 +3.0% $707 +1.7% $997 N/A $639 N/A Asking Rent per SF: $0.86 +2.4% $0.81 +2.0% $1.15 N/A $0.77 N/A
Effective Rent: $691 +1.9% $701 +1.5% $975 N/A $627 N/A Effective Rent per SF: $0.84 +1.3% $0.80 +1.9% $1.12 N/A $0.76 N/A
% Offering Concessions: 31% +15.8% 18% 0.0% 29% N/A 27% N/A Ave. Concession Package: 5.9% +3.7% 4.3% +19.6% 6.8% N/A 6.4% N/A
LUBBOCK REVIEWLubbock Market
General OverviewJan
2016AnnualChange
Occupancy: 94.0 +1.2%Units Added: 0
Units Absorbed (Annual): 435Average Size (SF): 857 +0.4%
Asking Rent: $734 +3.1%Asking Rent per SF: $0.86 +2.9%
Effective Rent: $729 +3.3%Effective Rent per SF: $0.85 +3.1%
% Offering Concessions: 12% -23.1%Ave. Concession Package: 5.8% +14.3%
Lubbock MarketStabilized Properties
Jan2016
AnnualChange
Occupancy: 94.0 +1.2%Units Added: 0
Units Absorbed (Annual): 432Average Size (SF): 857 +0.4%
Asking Rent: $734 +3.1%Asking Rent per SF: $0.86 +2.9%
Effective Rent: $729 +3.3%Effective Rent per SF: $0.85 +3.1%
% Offering Concessions: 12% -23.1%Ave. Concession Package: 5.8% +14.3%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 3.0% 417 $565 $565 0.0%1 BR 38.0% 667 $665 $661 0.6%1 DEN 0.0% 755 $630 $630 0.0%2 BR 37.4% 955 $842 $838 0.5%3 BR 13.5% 1,249 $1,154 $1,151 0.2%>3 BR 8.1% 1,560 $2,072 $2,071 0.1%
OTHER MARKETS Amarillo Abilene Midland-Odessa Oklahoma City
Jan 2016AnnualChange Jan 2016
AnnualChange Jan 2016
AnnualChange Jan 2016
AnnualChange
Occupancy: 88.2 -2.4% 90.6 -2.7% 86.7 -5.4% 87.8 -2.2%Units Added: 120 0 544 2,150
Units Absorbed (Annual): 365 -116 375 1,003Average Size (SF): 822 +0.5% 870 -0.6% 867 N/A 846 N/A
Asking Rent: $702 +3.6% $700 +0.6% $1,042 N/A $718 N/A Asking Rent per SF: $0.85 +3.1% $0.80 +0.9% $1.20 N/A $0.85 N/A
Effective Rent: $685 +2.5% $695 +0.6% $1,025 N/A $709 N/A Effective Rent per SF: $0.83 +2.0% $0.80 +0.9% $1.18 N/A $0.84 N/A
% Offering Concessions: 32% +9.3% 15% -25.0% 23% N/A 21% N/A Ave. Concession Package: 6.8% +27.2% 4.6% +21.9% 5.5% N/A 4.9% N/A
LUBBOCK REVIEWLubbock Market
General OverviewOct
2015AnnualChange
Occupancy: 94.3 +0.6%Units Added: 108
Units Absorbed (Annual): 279Average Size (SF): 854 +0%
Asking Rent: $735 +4.0%Asking Rent per SF: $0.86 +4.2%
Effective Rent: $733 +4.6%Effective Rent per SF: $0.86 +4.8%
% Offering Concessions: 10% -21.0%Ave. Concession Package: 4.0% -58.2%
Lubbock MarketStabilized Properties
Oct2015
AnnualChange
Occupancy: 94.3 +0.6%Units Added: 43
Units Absorbed (Annual): 277Average Size (SF): 855 +0.1%
Asking Rent: $735 +4.0%Asking Rent per SF: $0.86 +4.2%
Effective Rent: $733 +4.6%Effective Rent per SF: $0.86 +4.8%
% Offering Concessions: 10% -21.0%Ave. Concession Package: 4.0% -58.2%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.5% 401 $508 $508 0.0%1 BR 39.4% 668 $667 $666 0.3%1 DEN 0.0% 755 $630 $630 0.0%2 BR 37.9% 953 $835 $832 0.4%3 BR 13.0% 1,246 $1,117 $1,109 0.6%>3 BR 7.2% 1,553 $2,003 $1,999 0.2%
OTHER MARKETS Amarillo Abilene Midland-Odessa Oklahoma City
Oct 2015AnnualChange Oct 2015
AnnualChange Oct 2015
AnnualChange Oct 2015
AnnualChange
Occupancy: 89.1 -2.4% 92.3 -0.6% 88.8 -0.9% 89.3 -0.5%Units Added: 120 0 88 1,121
Units Absorbed (Annual): -168 3 777 1,285Average Size (SF): 825 +0.8% 873 -0.2% 866 N/A 841 N/A
Asking Rent: $709 +5.0% $706 +4.8% $1,092 N/A $711 N/A Asking Rent per SF: $0.86 +4.1% $0.81 +4.8% $1.26 N/A $0.85 N/A
Effective Rent: $697 +5.2% $700 +5.5% $1,071 N/A $703 N/A Effective Rent per SF: $0.85 +4.3% $0.80 +5.4% $1.24 N/A $0.84 N/A
% Offering Concessions: 24% -27.4% 23% -18.2% 27% N/A 20% N/A Ave. Concession Package: 6.5% +28.6% 3.6% -28.1% 5.2% N/A 4.5% N/A
LUBBOCK REVIEWLubbock Market
General OverviewJul
2015AnnualChange
Occupancy: 90.9 +1.4%Units Added: 108
Units Absorbed (Annual): 436Average Size (SF): 846 +0.1%
Asking Rent: $725 +2.8%Asking Rent per SF: $0.86 +2.9%
Effective Rent: $723 +3.3%Effective Rent per SF: $0.85 +3.5%
% Offering Concessions: 14% -25.0%Ave. Concession Package: 3.4% -52.6%
Lubbock MarketStabilized Properties
Jul2015
AnnualChange
Occupancy: 90.9 +1.4%Units Added: 261
Units Absorbed (Annual): 293Average Size (SF): 846 +0.1%
Asking Rent: $725 +2.8%Asking Rent per SF: $0.86 +2.9%
Effective Rent: $723 +3.3%Effective Rent per SF: $0.85 +3.5%
% Offering Concessions: 14% -25.0%Ave. Concession Package: 3.4% -52.6%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.9% 391 $498 $497 0.0%1 BR 39.3% 668 $662 $660 0.3%1 DEN 0.0% 755 $640 $640 0.0%2 BR 37.9% 954 $825 $823 0.2%3 BR 12.7% 1,249 $1,109 $1,107 0.2%>3 BR 7.3% 1,553 $1,991 $1,991 0.0%
OTHER MARKETS Amarillo Abilene Midland-Odessa Oklahoma City
Jul 2015AnnualChange Jul 2015
AnnualChange Jul 2015
AnnualChange Jul 2015
AnnualChange
Occupancy: 90.4 -0.6% 92.6 +3.9% 87.3 -8.5% 91.0 -0.9%Units Added: 0 0 398 0
Units Absorbed (Annual): 490 243 -158 -778Average Size (SF): 824 +1.5% 874 -0.2% 866 N/A 845 N/A
Asking Rent: $700 +4.6% $702 +5.0% $1,159 N/A $706 N/A Asking Rent per SF: $0.85 +3.2% $0.80 +4.9% $1.34 N/A $0.84 N/A
Effective Rent: $686 +4.3% $697 +5.6% $1,145 N/A $698 N/A Effective Rent per SF: $0.83 +2.9% $0.80 +5.5% $1.32 N/A $0.83 N/A
% Offering Concessions: 31% +7.6% 23% +9.7% 19% N/A 20% N/A Ave. Concession Package: 5.8% +5.8% 3.4% -67.3% 4.7% N/A 4.9% N/A
LUBBOCK REVIEWLubbock Market
General OverviewJun
2015AnnualChange
Occupancy: 92.0 +0.8%Units Added: 108
Units Absorbed (Annual): 353Average Size (SF): 847 +0.1%
Asking Rent: $718 +2.7%Asking Rent per SF: $0.85 +2.8%
Effective Rent: $715 +3.0%Effective Rent per SF: $0.84 +3.1%
% Offering Concessions: 16% +7.7%Ave. Concession Package: 3.4% -42.1%
Lubbock MarketStabilized Properties
Jun2015
AnnualChange
Occupancy: 0.9 +0.1%Units Added: -73
Units Absorbed (Annual): -53Average Size (SF): 843 0%
Asking Rent: $714 +3.0%Asking Rent per SF: $0.85 +3.1%
Effective Rent: $712 +3.3%Effective Rent per SF: $0.84 +3.4%
% Offering Concessions: 0% +7.7%Ave. Concession Package: 0.0% -42.1%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.9% 391 $497 $497 0.0%1 BR 39.3% 668 $655 $653 0.3%1 DEN 0.0% 755 $640 $640 0.0%2 BR 37.9% 954 $827 $825 0.3%3 BR 12.7% 1,249 $1,106 $1,103 0.3%>3 BR 7.3% 1,553 $1,983 $1,983 0.0%
OTHER MARKETS Amarillo Abilene Midland-Odessa Oklahoma City
Jun 2015AnnualChange Jun 2015
AnnualChange Jun 2015
AnnualChange Jun 2015
AnnualChange
Occupancy: 90.9 +0.3% 93.1 +5.0% 86.2 -8.9% 90.4 -2.3%Units Added: 0 0 398 0
Units Absorbed (Annual): 609 297 -623 -2,602Average Size (SF): 822 +1.2% 874 -0.2% 867 N/A 844 N/A
Asking Rent: $700 +4.5% $699 +4.8% $1,198 N/A $708 N/A Asking Rent per SF: $0.85 +3.3% $0.80 +4.7% $1.38 N/A $0.84 N/A
Effective Rent: $688 +4.4% $692 +5.5% $1,189 N/A $701 N/A Effective Rent per SF: $0.84 +3.2% $0.79 +5.4% $1.37 N/A $0.83 N/A
% Offering Concessions: 30% +2.3% 28% -2.5% 14% N/A 20% N/A Ave. Concession Package: 5.7% +2.5% 4.0% -43.5% 4.9% N/A 4.6% N/A
LUBBOCK REVIEWLubbock Market
General OverviewApr
2015AnnualChange
Occupancy: 91.2 -0.9%Units Added: 108
Units Absorbed (Annual): 144Average Size (SF): 848 +0.3%
Asking Rent: $717 +3.2%Asking Rent per SF: $0.84 +2.9%
Effective Rent: $714 +3.3%Effective Rent per SF: $0.84 +3.0%
% Offering Concessions: 14% -7.7%Ave. Concession Package: 3.5% -19.8%
Lubbock MarketStabilized Properties
Apr2015
AnnualChange
Occupancy: 91.7 -0.4%Units Added: 193
Units Absorbed (Annual): -32Average Size (SF): 846 +0.1%
Asking Rent: $718 +3.3%Asking Rent per SF: $0.85 +3.2%
Effective Rent: $714 +3.3%Effective Rent per SF: $0.84 +3.2%
% Offering Concessions: 14% -6.6%Ave. Concession Package: 3.5% -19.8%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.9% 391 $496 $495 0.0%1 BR 39.3% 667 $655 $652 0.5%1 DEN 0.0% 755 $650 $650 0.0%2 BR 37.8% 956 $820 $817 0.5%3 BR 12.6% 1,248 $1,091 $1,089 0.2%>3 BR 7.3% 1,553 $1,972 $1,972 0.0%
OTHER MARKETS Amarillo Abilene Dallas/Ft. Worth Oklahoma City
Apr 2015AnnualChange Apr 2015
AnnualChange Apr 2015
AnnualChange Apr 2015
AnnualChange
Occupancy: 91.5 0% 92.2 +2.4% 92.6 +0.1% 89.6 -3.5%Units Added: 0 0 15,445 401
Units Absorbed (Annual): 676 92 18,970 -2,413Average Size (SF): 820 +1.0% 875 0% 862 +0.3% 845 -1.0%
Asking Rent: $690 +3.3% $689 +4.3% $953 +7.2% $712 0%Asking Rent per SF: $0.84 +2.5% $0.79 +4.4% $1.11 +6.9% $0.84 0%
Effective Rent: $679 +3.0% $682 +5.0% $945 +7.7% $705 0%Effective Rent per SF: $0.83 +2.1% $0.78 +5.0% $1.10 +7.4% $0.83 0%
% Offering Concessions: 28% +14.5% 26% -16.7% 20% -37.5% 16% 0%Ave. Concession Package: 5.7% +12.9% 4.0% -42.7% 4.0% -5.2% 5.1% 0%
LUBBOCK REVIEWLubbock Market
General OverviewNov2014
AnnualChange
Occupancy: 93.6 +1.9%Units Added: 100
Units Absorbed (Annual): 305Average Size (SF): 847 +0.6%
Asking Rent: $707 +3.3%Asking Rent per SF: $0.83 +2.7%
Effective Rent: $703 +3.1%Effective Rent per SF: $0.83 +2.6%
% Offering Concessions: 13% -16.4%Ave. Concession Package: 5.1% +28.4%
Lubbock MarketStabilized Properties
Nov2014
AnnualChange
Occupancy: 93.6 +1.9%Units Added: 521
Units Absorbed (Annual): 152Average Size (SF): 847 +0.6%
Asking Rent: $707 +3.4%Asking Rent per SF: $0.83 +2.8%
Effective Rent: $703 +3.2%Effective Rent per SF: $0.83 +2.7%
% Offering Concessions: 13% -15.4%Ave. Concession Package: 5.1% +28.4%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.9% 391 $487 $486 0.1%1 BR 39.8% 668 $644 $641 0.6%1 DEN 0.0% 755 $640 $640 0.0%2 BR 37.9% 960 $794 $790 0.4%3 BR 12.5% 1,249 $1,068 $1,064 0.3%>3 BR 6.8% 1,526 $1,738 $1,737 0.1%
OTHER MARKETS Amarillo Abilene Dallas/Ft. Worth Austin
Nov 2014AnnualChange Nov 2014
AnnualChange Nov 2014
AnnualChange Nov 2014
AnnualChange
Occupancy: 90.3 -1.5% 93.2 +0.6% 92.5 -0.2% 91.8 -0.9%Units Added: 0 0 8,391 6,041
Units Absorbed (Annual): -152 42 7,871 4,219Average Size (SF): 811 0% 869 +0.1% 859 +0.1% 852 +0.4%
Asking Rent: $673 +2.6% $676 +3.4% $927 +6.1% $1,100 +7.8%Asking Rent per SF: $0.83 +2.7% $0.77 +3.4% $1.08 +6.1% $1.29 +7.4%
Effective Rent: $660 +2.3% $669 +3.5% $918 +6.6% $1,091 +7.5%Effective Rent per SF: $0.81 +2.4% $0.77 +3.5% $1.07 +6.5% $1.28 +7.2%
% Offering Concessions: 33% -4.5% 23% -25.0% 25% -30.9% 14% +11.1%Ave. Concession Package: 4.9% +4.1% 4.2% +12.6% 4.4% +0.4% 5.1% +14.1%
LUBBOCK REVIEWLubbock Market
General OverviewOct
2014AnnualChange
Occupancy: 93.8 +2.2%Units Added: 100
Units Absorbed (Annual): 344Average Size (SF): 847 +0.6%
Asking Rent: $704 +2.9%Asking Rent per SF: $0.83 +2.5%
Effective Rent: $698 +2.5%Effective Rent per SF: $0.82 +2.1%
% Offering Concessions: 12% -11.2%Ave. Concession Package: 6.3% +26.8%
Lubbock MarketStabilized Properties
Oct2014
AnnualChange
Occupancy: 93.8 +2.2%Units Added: 521
Units Absorbed (Annual): 192Average Size (SF): 847 +0.6%
Asking Rent: $704 +3.0%Asking Rent per SF: $0.83 +2.6%
Effective Rent: $698 +2.6%Effective Rent per SF: $0.82 +2.2%
% Offering Concessions: 12% -10.1%Ave. Concession Package: 6.3% +26.8%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.9% 391 $479 $479 0.0%1 BR 39.8% 668 $643 $638 0.7%1 DEN 0.0% 755 $640 $640 0.0%2 BR 37.9% 960 $789 $784 0.6%3 BR 12.5% 1,249 $1,064 $1,060 0.4%>3 BR 6.8% 1,526 $1,721 $1,720 0.1%
OTHER MARKETS Amarillo Abilene Dallas/Ft. Worth Austin
Oct 2014AnnualChange Oct 2014
AnnualChange Oct 2014
AnnualChange Oct 2014
AnnualChange
Occupancy: 91.0 -0.2% 92.9 +4.2% 92.5 -0.4% 91.9 -1.2%Units Added: 0 0 9,116 6,034
Units Absorbed (Annual): -22 262 7,093 3,753Average Size (SF): 811 0% 869 +0.1% 860 +0.1% 851 +0.2%
Asking Rent: $672 +2.3% $674 +2.6% $925 +5.8% $1,094 +7.1%Asking Rent per SF: $0.83 +2.4% $0.77 +2.6% $1.07 +5.7% $1.28 +6.9%
Effective Rent: $661 +1.8% $664 +2.9% $916 +6.2% $1,085 +7.1%Effective Rent per SF: $0.82 +1.9% $0.76 +2.8% $1.06 +6.1% $1.27 +7.0%
% Offering Concessions: 32% 0% 28% -8.3% 26% -25.1% 13% +16.7%Ave. Concession Package: 4.6% +11.3% 4.7% -15.4% 4.1% -7.0% 4.9% -35.9%
LUBBOCK REVIEWLubbock Market
General OverviewSep2014
AnnualChange
Occupancy: 92.6 +0.1%Units Added: 0
Units Absorbed (Annual): 24Average Size (SF): 846 +0.5%
Asking Rent: $704 +2.5%Asking Rent per SF: $0.83 +2.3%
Effective Rent: $697 +2.0%Effective Rent per SF: $0.82 +1.7%
% Offering Concessions: 15% +15.5%Ave. Concession Package: 6.3% +5.6%
Lubbock MarketStabilized Properties
Sep2014
AnnualChange
Occupancy: 92.6 +0.1%Units Added: 478
Units Absorbed (Annual): -34Average Size (SF): 844 +0.4%
Asking Rent: $702 +2.7%Asking Rent per SF: $0.83 +2.4%
Effective Rent: $695 +2.1%Effective Rent per SF: $0.82 +1.9%
% Offering Concessions: 15% +16.8%Ave. Concession Package: 6.3% +5.6%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.9% 391 $479 $479 0.0%1 BR 39.9% 667 $640 $635 0.8%1 DEN 0.0% 755 $600 $600 0.0%2 BR 37.9% 959 $792 $786 0.7%3 BR 12.5% 1,249 $1,067 $1,059 0.8%>3 BR 6.8% 1,526 $1,718 $1,717 0.1%
OTHER MARKETS Amarillo Abilene Dallas/Ft. Worth Austin
Sep 2014AnnualChange Sep 2014
AnnualChange Sep 2014
AnnualChange Sep 2014
AnnualChange
Occupancy: 90.7 -0.1% 92.5 +3.6% 93.5 +0.4% 93.5 -0.9%Units Added: 0 0 9,618 7,178
Units Absorbed (Annual): -5 222 12,249 5,679Average Size (SF): 811 0% 869 +0.1% 860 +0.1% 852 +0.3%
Asking Rent: $673 +2.9% $673 +2.6% $923 +5.7% $1,091 +8.0%Asking Rent per SF: $0.83 +3.0% $0.77 +2.6% $1.07 +5.6% $1.28 +7.7%
Effective Rent: $663 +2.4% $663 +2.9% $913 +6.0% $1,084 +7.4%Effective Rent per SF: $0.82 +2.5% $0.76 +2.9% $1.06 +5.9% $1.27 +7.2%
% Offering Concessions: 29% -10.0% 26% -16.7% 26% -25.7% 12% +0.4%Ave. Concession Package: 4.6% +13.1% 5.2% -1.3% 4.1% -3.6% 4.8% +69.5%
LUBBOCK REVIEWLubbock Market
General OverviewJun
2014AnnualChange
Occupancy: 91.3 +0.1%Units Added: 328
Units Absorbed (Annual): 315Average Size (SF): 847 +0.8%
Asking Rent: $698 +3.6%Asking Rent per SF: $0.82 +3.1%
Effective Rent: $694 +4.0%Effective Rent per SF: $0.82 +3.5%
% Offering Concessions: 15% -21.6%Ave. Concession Package: 4.8% -48.5%
Lubbock MarketStabilized Properties
Jun2014
AnnualChange
Occupancy: 92.0 +0.8%Units Added: 0
Units Absorbed (Annual): 361Average Size (SF): 844 +0.3%
Asking Rent: $693 +2.9%Asking Rent per SF: $0.82 +2.7%
Effective Rent: $689 +3.3%Effective Rent per SF: $0.82 +3.1%
% Offering Concessions: 15% -18.8%Ave. Concession Package: 4.8% -48.5%
PlanType
FLOOR PLAN BREAKDOWN-LUBBOCK
% ofMkt
AveSqFt
AveMarket
Rent/Mo
AveEff.
Rent/Mo
Ave%
DiscEff 2.9% 391 $470 $470 0.0%1 BR 39.7% 667 $634 $630 0.6%1 DEN 0.0% 755 $600 $600 0.0%2 BR 38.1% 960 $787 $784 0.4%3 BR 12.5% 1,249 $1,065 $1,055 0.9%>3 BR 6.8% 1,526 $1,735 $1,726 0.5%
OTHER MARKETS Amarillo Abilene Dallas/Ft. Worth Austin
Jun 2014AnnualChange Jun 2014
AnnualChange Jun 2014
AnnualChange Jun 2014
AnnualChange
Occupancy: 90.4 -0.1% 89.9 -0.6% 92.8 +0.2% 92.6 -1.9%Units Added: 0 0 8,949 7,061
Units Absorbed (Annual): -8 -35 10,213 3,614Average Size (SF): 811 0% 869 +0.1% 859 0% 850 +0.2%
Asking Rent: $667 +2.8% $667 +1.4% $905 +5.0% $1,059 +7.8%Asking Rent per SF: $0.82 +2.9% $0.76 +1.5% $1.05 +4.9% $1.24 +7.6%
Effective Rent: $657 +4.1% $656 +1.1% $893 +5.2% $1,052 +7.6%Effective Rent per SF: $0.81 +4.2% $0.75 +1.2% $1.04 +5.2% $1.24 +7.4%
% Offering Concessions: 29% -35.7% 28% +19.1% 30% -21.9% 12% -13.9%Ave. Concession Package: 5.5% -1.4% 5.7% +12.3% 4.4% +3.1% 4.8% +25.7%
