According to the Austin Business Journal, rents continue to increase in Austin. How can this be? Anyone who has seen the cranes around town knows that new inventory is being built constantly. However, construction can’t keep up with demand and occupancy is still at 94%.
The east submarket has seen the biggest increase in rent in the last year, but is still one of the most affordable areas. Rent for a one-bedroom east of Springdale road and north of the Colorado river is $783. Compare that to a downtown one-bedroom with an average rent of $2,080 and you can see that deals are still to be had, as long as you are flexible on location.
So what is a renter’s best chance to find a deal? After you've decided where you want to live and what your budget is, team up with an apartment locator, who knows the market, up-to-the-minute vacancies, and deals and incentives apartments are running.
Second, expand your search. Maybe there’s nothing in your first choice area, but there might be something in an adjacent area that can be had for cheaper and for a better deal.
Third, think hard about what amenities you have to have and those you can live without. Sure, an onsite gym sounds fantastic, but if you run on the trail or have a place to workout at your office, you may never use it and can opt for a complex without that amenity, which results in savings. Free yoga classes and bikes for rent sound super cool, but if you don’t use them, you’re just subsidizing your neighbors.
Finally, think about other ways you can save money. Can you make do with a one bedroom apartment instead of a two-bedroom? A studio instead of a one-bedroom? Maybe there’s a floor plan with a nook that will work as an office instead of having to pay for a whole other bedroom that is rarely used. Another option is taking on a roommate to help subsidize the larger two bedroom in a better location. If you live near work and public transportation, maybe it’s time to sell your car. All these things are great ways to save money and help you pay rent.
Ready to find out what’s out there? Give Austin Apartment Specialists a call today at 512-200-7535 and get an expert on your side as you navigate Austin’s challenging rental market.