Rent in Austin continues to rise, but the pace seems to be slowing a bit. That's good news for renters who have seen a tight market make apartment hunting a competitive sport. I was recently interviewed by the Austin American Statesman for their article on the current state of the rental market in Austin.
In the first six months of 2014, 5,800 new apartment units finished construction, a huge increase over last year, which saw just 6,091 new units completed. About 7,100 apartments are due to open in the second half of 2014 and about 6,400 next year. In total, 17,000 units are under construction across 64 projects.
Despite all this new construction, finding an apartment in our clients' budgets can be challenging because most of the availability is in Central Austin where rents are much higher.
I recently helped a pair of roommates find an apartment and had to make several calls to find a community with vacancies. Luckily, Austin Midtown, which is behind Northcross Mall, had a unit available immediately for just under $1,200. The pair pounced on it.
Apartment hunters looking for moderately priced units need to be prepared to move in immediately and sign longer leases, 12 months or more. Most have to compromise on price or location to get into an apartment.
Don't be intimidated by the tight Austin rental market. Give Austin Apartment Specialists a call today at 512-241-1111 and let us help you find an apartment that fits your needs and desires.