It’s been a while since I mentioned the multifamily market in Lubbock. Effective Rents per SF are up 4.8% YoY, hitting $1.09 in May. The permits for new units this year have dropped significantly, but building continues on units permitted in 2022. The submarket with the most units in the pipeline is near campus and downtown, with 683 units expected in the next few quarters, and half of those expected to start leasing in the next few months. Southeast submarket has 550 units reported in the pipeline and Southwest has 113. (By the way, ALN Apartment Data is a source worth consulting if you’re interested.)
Our Mover’s Moving Index jumped up to 226, in line with seasonal expectations.