Monday, May 21, 2018

Amazon HQ2 Could Cause Rents in Austin to Climb

If Amazon HQ2 comes to Austin, rents could climb, according to a new study.

Culturemap Austin reports that a study bo CoStar Group predicts rents in Austin will go up an additional $103 over the next 10 years if Amazon decides to call ATX home. 

If Amazon decides to put its new headquarters somewhere else, average monthly rent will go from $1,206 in 2018 to $1,450 in 2028, which is a 20.2 percent increase. With the addition of Amazon, rent would go from $1,206 to $1,553, which is is a 28.8 percent increase. The difference amounts to $103 and would affect apartments of any size.

The forecast increase in apartment rent for Austin is the 4th highest of the 16 cities being considered. Raleigh, North Carolina would see the highest increase in rent, then Nashville, Tennessee, and Columbus, Ohio.

Dallas-Fort Worth is the only other Texas city on the short list and they are forecast to see a small increase in rent. If HQ doesn’t come to DFW, rent will go up $14.8 percent and with Amazon they will go up 17 percent, or $26 more a month than without HQ2. 

CoStar’s analytics director says that because Austin is continuing to build a lot of apartments, Amazon’s influence on the rental market will be minimal. The additional demand can easily be covered with our apartment stock. Also, Austin’s cost of housing is relatively inexpensive so he expects many employees to buy homes rather than rent.

Another report from Amherst Capital Management LLC found that if Amazon picks Austin, demand would increase 13 percent. Dallas Forth-Worth would see a 4 percent increase. 

Looking for your own apartment in Austin? North, South, East or West, we can help you find the perfect new place that fits your lifestyle and your budget! Give Apartment Specialists South Austin a call today at 512-200-7535!

Thursday, May 17, 2018

Downtown Austin Alliance's Vision for Downtown

Last Fall, the Downtown Austin Alliance invited area residents to share their ideas for what downtown could look like in 20 years, Community Impact reports.

Wednesday, the Alliance revealed its “Downtown Austin Vision” based on the insights it learned from 3,000 answers from Austinites in 75 different zip codes. Responses were given in response to online surveys and “community’s table events” where participants drew what they wanted downtown to look like on wooden blocks, which were then assembled into a table.

23 percent of those who answered the survey said they love downtown and 48 percent said they like it a lot. Major concerns about downtown cited included affordability, walkability, traffic congestion, and maintaining its unique character.

The Downtown Austin Vision focuses on four high-level priorities: creating a thriving center for business and community life, having welcoming places, growing neighborhoods, and leading mobility through innovative transportation alternatives.

The Downtown Austin Alliance feels 20 years is long enough to provide time to make changes and reach goals, but short enough to feel like it’s not too far in the distant future.

Are you looking for an apartment near downtown or anywhere else in the Austin area? Apartment Specialists North can help! Give us a call at 512-241-1150 to take advantage of our absolutely free service! 

Tuesday, May 1, 2018

Rent Increases in Austin Slowing

Rent growth in Austin is slowing, the Austin Business Journal reports. 

Since 2010, Austin rent has increased 34 percent, which puts it in the top 13 cities in the country for rent growth according to an analysis from RealPage, Inc.

Atlanta, Fort Worth and Nashville all saw bigger rent increases ranging from 35.1 percent to 36.5 percent. 

Not surprisingly, the cities with the highest increases in Northern California. San Jose’s rent went up 51.3 percent over the last eight years, putting it on top of the list. Denver, Portland, Seattle and Sacramento all had rent increases high enough to land them in the top 10.

RealPage, a software and analytics company from Texas, looked at the actual rent prices for a set of apartments over the time period studies. This makes the numbers much more accurate than just examining averages.

Austin’s biggest growth was in the the early part of the study, followed by a slow down in growth and even negative growth at the tail end of last year. Austin was the only market in the US’s 50 biggest metro areas to have rent go down. 

The slowdown in rent growth is due to an increase in luxury apartments, as well as the fact that the middle and lower tier apartments are starting to see they are priced as high as their middle and low-income tenants can afford. 

Rent growth year-over-year has stayed the same for Austin at 2.1 percent, equal to the increase for Texas overall. The other 9 largest Texas cities had greater increases. Houston, Laredo, and Plano’s rent was up more than the state average, although just by tenth of percents.

Median rent in Austin is $1,120 for a one bedroom and $1380 for a two bedroom.

The rental market in Austin started to slowdown at the end of 2017 as occupancy and lease rates started dropping. Still, apartment construction continues unabated with 18,000 new units currently under construction in the metro area.

Looking to take advantage of the lower rates and find a new apartment in Austin? There’s never been a better time! Give Austin Apartment Specialists South Austin a call today at 512-912-8000 to find your dream apartment tomorrow!

Thursday, April 26, 2018

North Austin Development

North Austin is the next place to see a ton of new developments, the Austin Business Journal reports. Office space, apartments, restaurants, shops, and even a soccer stadium could be on deck for the area.

Robinson Ranch is located in Northwest Austin on 7,000 acres. Zoning on the land allows something with much more density than downtown Austin. The land is large enough for ten Domains.

McCalla Place, which is currently owned by the city and is south of the Domain, is being touted as a possible location for a Major League Soccer Stadium. After public outcry caused the City Council to reject park space at Auditorium Shores and Roy Guerrero Park, attention turned to McCalla Place.

Adjacent to McCalla place, Capella Capital Partners LLC has plans to build twelve stories of offices and a twenty story apartment building that will have seven floors for parking and thirteen floors of actual units. The developer did not know about the possibility of a soccer stadium, but welcomes it as a draw for potential residents and workers.

The Domain will be seeing more construction as well, with The Domain Tower project. That project has been already completely leased by Indeed, Inc. Flatiron, a 5 story, 372 unit apartment building, will also be built close by. Currently the area is occupied by parking lots and older shorter buildings. That’s the south side of the mixed-use development.

On the North end of the Domain, Domain 11 will be almost completely occupied by HomeAway, Inc. when its 320,000 square feet of offices is finished in the Fall.

Looking to find an apartment in the Domain, North Austin, or anywhere in Austin? Austin Apartment Specialists can help! Give us a call today at 512-241-1111 to take advantage of our extensive knowledge of Austin and use our free service!

Wednesday, April 4, 2018

New Development in Dripping Springs

A new Dripping Springs development will bring massive amounts of needed retail, office, and other businesses to the area, the Austin Business Journal reports.

The 35-acre development is called Blue Blazes Ranch and is about a mile from the Dripping Springs Vodka distillery on Highway 290. What exactly will be put on the property will be determined by demand, but the proposals include a hotel with 83 rooms, shops, medical offices, office space, and other commercial.

The developer has been in talks with a childcare provider, hotel, and other retailers.

The site is already prepared for construction to begin, with asphalt down, street signs in place, and 16 of the sites ready for building to start. Just one lot, a 12 acre site on the top of the hill, hasn’t been prepared yet.

Blue Blazes Ranch will have a 3.5 acre park filled with trails that will become public park land. That stipulation was already agreed upon with the city of Dripping Springs. 

Residential growth in the area has been explosive with over 1,000 homes within 2 miles of the planned development. Twelve more subdivisions are on tap for the area. Despite the residential growth, commercial has been slow to keep up and infrastructure such as stores, restaurants, and offices are desperately needed.

According to the US Census, about 15,000 residents live in the Blue Blazes Ranch zip code. However, with 11,600 new homes expected to be completed by 2025, the population is expected to grow exponentially. 

Are you looking to move to Dripping Springs, Southwest Austin, or anywhere else in the Austin area? Apartment Specialists can help! Our expert apartment locators know the Austin area and can find you the best deal on a new home that fits your budget, location, and lifestyle. Best of all, our services are absolutely free! Give us a call today at 512-241-1111.

Thursday, March 29, 2018

Austin Zip Code 13th Most Gentrified in US

78702 in East Austin is one of the most gentrified zip codes in the nation according to an analysis by RentCafe, reports Culturemap Austin.

Homes in the area, which includes the East Cesar Chavez, Holly and Chestnut neighborhoods, increased in value by 212 percent from 2000 to 2016. The percentage of the population with a bachelor’s degree went up 201 percent and household income went up by 47 percent. This rapid increase in wealth landed 78702 in the 13th spot on the list.

Houston had two zip codes on the list. 77003 in East Downtown was in the number 3 spot with a home value increase of 284 percent. 77007, which includes Rice Military, Memorial Heights, and parts of the Washington Corridor, ranked 19 on the list. Household income in that area went up by 114 percent.

Coming in at number 6 on the list, 76102, which includes downtown Fort Worth, had a 323 percent change in home prices, 103 percent increase in household income, and 122 percent increase in residents with Bachelor’s degrees.

Austin’s decrease in affordable housing can be frustrating, and that’s why you need someone who knows Austin’s rental market on your side. Call Apartment Specialists South Austin at 512-912-8000 for absolutely free help in finding an apartment that fits your budget and your lifestyle.

Tuesday, March 20, 2018

Six Safest Cities in Central Texas

Six Central Texas cities were named to the list of the safest cities in Texas, Community Impact reports.

The National Council for Home Safety and Security examined crime statistics from the FBI along with population data to determine the list. Colleyville, a Fort Worth suburb, topped the list.

Hutto came in at the 7th spot on the list. Other cities in the Austin area in the top 50 were Georgetown at number 22, Leander at 24, Lakeway at 35, Cedar Park at 37, and Buda at 50.

Kyle nabbed the 54th spot, Pflugerville was 57, Round Rock was 83, New Braunfels was 101, San Marcos was 143, and Austin was 163.

Looking for an apartment in the Austin area or surrounding suburbs? Apartment Specialists can help! Give us a call today at 512-241-1111.