Tuesday, July 18, 2017

Austin's Retail Growth

Austin’s retail boom continues, the Austin American Statesman reports, with the best retail occupancy rate in the country.

The current retail occupancy rate in Austin is 96 percent.  Some stores have closed recently, including Chair King in the Mueller development, but those locations are quickly snapped up by other companies looking for space.

Last year, Central Texas saw an additional 1.1 million square feet of space for retail and is on target to add 890,000 square feet more in 2017.

Some of the biggest expansions are in the grocery market.  Grocery stores often serve as anchors for new developments and attract other retailers.

While HEB is the biggest grocer in the area, Randall’s also has plans to open a store in Georgetown. 99 Ranch Market, an Asian grocer, will bring its first store to Austin at North Lamar and Airport Boulevard.  Target is brining a small version of their stores to Dobie mall by the UT campus, and Aldi and Lidl, a German discount grocery store, is planning to come to Pflugerville and Kyle as well.  

The demand for space has led to an increase in rent.  Increased property taxes also force owners to pass those costs onto tenants in the form of higher rent.

Despite a lot of restaurants closing in the city, many due to the increase in rent, more food purveyors are waiting in the wings to take over those spaces.  They are taking advantage of the fact that the previous tenants already did much of the work on building out spaces so the new restaurant can save on start-up costs.

The hottest neighborhoods for retail in Austin are Mueller, The Domain, and downtown, particularly near the new central library on Cesar Chavez.  East Austin’s explosive growth, on the other hand, seems to be slowing down.

Watch for more growth in the city, especially as Plaza Saltillo and the former Brackenridge tract are developed.

Looking to rent an apartment near retail?  Apartment Specialists South Austin can help!  Give us a call today at 512-912-8000 to find your dream home quickly!  

Wednesday, July 12, 2017

Austin Population Age 20-24 Declines

The number of young people aged 20 to 24 in the Austin area was down between 2010 and 2016, the Austin Business Journal reports.

The area lost over 2,000 young people in that time and overall the population of Austin is getting older.  

Travis County lost 15,940 Austinites between the ages of 20 and 24 from 2010-2016.  Williamson County gained 7,160 20-24 year olds during the same time, Hays County added 5,492 more, Bastrop County added 930, and Caldwell County added 355.

This age range now makes up 7 percent of the population in the area, down from 8.5 percent in 2010.  

Austin is in generally losing its young and adding to its population at the other end of the spectrum.  The number of residents under age 24 was down compared to the overall population and Austinites are having less children as well.  The number of children under age five was down .8 percent and the birth rate per year was down from 66 per 1,000 women between the ages of 15 to 50 in 2005 to 41 per 1,000 women in that same age group in 2015.

There was a small increase in the population that is 25 to 44 and a slight decrease in the number of residents between 45 and 54.

The biggest population gain was seen in the 55+ age group, which contributed to making the median age in the region go from 32 to 33.6 from 2010 to 2016.

No matter what your age is, we can help you find an apartment you’ll love!  Give Austin Apartment Specialists a call today at 512-241-1111 to find your dream home anywhere in Austin in no time at all!

Wednesday, July 5, 2017

Plaza Saltillo District Breaks Ground

The 10 acre lot sits between I-35, Comal Street, East 4th Street, and East 5th Street and will be transformed into a huge mixed-use development that aims to become the hub of east Austin.  It will feature 800 residential units (140 of them affordable), 140,000 square feet of office space in an 8 story building, 110,000 square feet of retail, and 1.4 acres dedicated to green space.  Over 1,700 people are forecast to use the space for living or working once it is complete.

The district will be centered around the Plaza Saltillo Capital Metro Station that currently has the Red Line Commuter train and eventually will have more Austin B-cycles, an extension of the Lance Armstrong Bikeway, car2go access, and parking that will be below the development.

The stakeholders in the project are excited to see their vision address two of the biggest problems in Austin: mobility and affordability, after 20 years of planning.

Looking to make your home in East Austin?  Apartment Specialists South Austin can help!  Give us a call today at 512-912-8000 to find your dream apartment that fits your budget.

Wednesday, June 28, 2017

Downtown Site to Become Office Tower

A downtown site at 1108 Nueces Street will become a 22,000 square foot, 5 story office building, the Austin Business Journal reports.  

Currently home to a 2,725 square foot building on a quarter acre lot that was occupied by Attorney Burrell Johnston for many years.  When the property got a rezoning from general office to mixed-use conditional overlay, he sold it to a developer.  

Mid-City Development, which bought the property, plans for the offices to be aimed at attorneys, lobbyists, nonprofits, trade organizations, and others who would want to be near the Capitol.

Mid-City has been behind other projects including the apartments which replaced the Omelettry apartments on Burnet Road and the J.Bouldin condos, which were originally a church.

Looking to make a home in and around downtown Austin?  Austin Apartment Specialists can help you find an apartment anywhere in town.  Give us a call today at 512-241-1111.

Monday, June 26, 2017

Austin's Projected Apartment Inventory

Austin is projected to add a ton of new apartments over the next decade or so, CultureMap Austin reports.

By 2030, we will have 49 percent more apartments, a report by the National Multifamily Housing Council and the National Apartment Association found.  That is 114,000 more units available for renters.

Austin is forecast to add the third most apartments in the nation, after Raleigh, North Carolina and Orlando, Florida.  

In Texas, Dallas is predicted to add 266,296 more units (36%) and Houston is set to add 214,176 more (35 percent).  San Antonio should be adding 54,000 more apartments, increasing its number by 28 percent.

Apartments are in need, especially in the western U.S., Texas, Florida and North Carolina, because of an increase in people who are renting.  

Looking to find an apartment in Austin and can’t wait until 2030?  Don’t worry, Austin Apartment Specialists South Austin can help you navigate Austin’s rental market with ease!  Give us a call today at 512-912-8000.

Thursday, June 15, 2017

Rent Down or Stagnant in Many Areas of Austin

The Austin Business Journal reports on Axiometrics’ findings that rents in Austin, after years of climbing with seemingly no end in sight, are finally leveling off.

The Dallas-based research company found that rent in the Austin market did not increase noticeably last month and occupancy also remained the same as the previous month.  Average rent was $1,209, the same as last May.

While the slowdown in rent increases may be welcome news for renters, it could spell trouble for the large number of new apartments that are under construction in the area.

Job growth has slowed somewhat in the Austin area and many of the new apartments set to be completed soon are in the luxury market with rents beyond the grasp of most Austin workers.  Many of the jobs that are in demand just don’t have high enough salaries to afford the new apartments.

Occupancy rates have remained steady at 95%, which is the same as May of 2016.  

The Austin suburbs of Cedar Park and Leander have seen rents decline by an average of 2.5 percent. A year ago, those areas had the highest increase in rents.  

San Marcos saw rents increase the most in the area, by 3.4 percent.  In far north Central Austin, rent went up by over 3 percent.

Looking to find a new home in the Austin area?  Give Austin Apartment Specialists South a call today at 512-912-8000 to take advantage of the slowdown in rent and find an apartment that fits your budget and lifestyle!  

Monday, June 12, 2017

Where the Rental Boom is Happening

The rental boom is in full effect and a new report from RentCafe breaks down where those apartments are going in, as The Austin Business Journal reports.

The report took a look at the largest 50 cities in the country and then analyzed which neighborhoods in those towns added the most apartments from 2010 to 2016.  

The North Burnet neighborhood of Austin came in at the nineteenth spot, increasing the number of the apartments in the area by 2,739 units in six new communities.  This area includes the very desirable Domain.  

Other Texas cities ranked highly, including Dallas, which had two neighborhoods make the list.  Uptown came in at number 5 and Oak Lawn came in at the seventh spot.  They added 5,839 units and 22 buildings and 4,892 units and seventeen buildings, respectively.

Houston had more neighborhoods on the list than any other city.  Washington Avenue-Memorial Park nabbed the ninth spot and had 3,569 units, Greenway-Upper Kirby was number thirteen with 3,147 units, Memorial built 3,029 units to get the fourteenth spot, and Greater Uptown was right behind in the fifteenth spot with 3,008 units.  San Antonio had one area on the list, the Northwest neighborhood, which came in at number eighteen and had 2,785 units in 12 buildings.  

Long Island City, New York was the leader with 12,533 new units, almost twice that of its nearest competitor, downtown Los Angeles.

Want to find an apartment in the hot North Burnet neighborhood or anywhere else in Austin?  Give Austin Apartment Specialists a call today at 512-241-1111!