AUSTIN-Hendricks-Berkadia's Q3 multifamily report concerning Austin and San Antonio show several interesting dichotomies. One of these involves vacancies; while Austin's 4.6% area-wide vacancy is relatively unchanged from the 4.5% reported during the same time last year, San Antonio's vacancy rate stood at 6.2%, a definitely increase from the 4.8% reported year-over-year.

In both markets, effective rent growth effectively dropped. In San Antonio, Q3 effective rent growth was reported at 1.7% versus the 2.8% reported last year. Further north in Austin, effective rent growth stood at 2.9%, less than the 3.4% reported during the third quarter of 2012.

The report notes that in San Antonio, leasing demand dropped and completions have outpaced absorption. Austin shows the opposite, with rental demand exceeding added inventory.