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!

Wednesday, June 7, 2017

New Boutique Hotel in East Austin

Another hotel is going up in Austin, this one in East Austin on the site of a former Goodwill store, the Austin Business Journal reports.

Called Arrive, the hotel will have 5 stories and 83 rooms and will encompass 58,600 square feet of hotel including event space, two restaurants, and a coffee shop.  One thing the hotel won’t have is a lobby.  Guests will check in at the bar.  The hotel is expected to cost $17.4 million to build and when completed in Spring 2019, rooms will start at $199 per night.  

The Arrive hotel’s only other outpost is in Palm Springs, California and the Austin location will be designed by Burton Baldridge, an Austin architect.  Other Austin companies involved include Alexa Management, Big Red Dog, Dwg. landscape architects, and EyeLikeDesign.

The hotel will have 140 employees and will also include part of a 100-year-old warehouse that currently occupies the plot of land.  The developers customize their hotels to the surrounding neighborhood and hope to become a destination for locals as well as travelers.

Looking to make your home on the east side?  Give Austin Apartment Specialists South a call today at 512-912-8000 to find the perfect apartment for your lifestyle and budget!  

Tuesday, May 23, 2017

Austin's Sprawl is Growing

Despite all the talk of making Austin more urban, it turns out Austin’s growth is mostly on the outskirts in the suburbs, according to a new study from the New York Times and reported on by The Austin Business Journal.  

Austin’s rate of sprawl was among the highest in the nation and beat out only by San Antonio.  Overall, from 2010-2016, over 80% of the metropolitan areas in the country with one million or more residents have become less dense.

Urbanists have been calling for more housing in the heart of Austin for years, and hoped that CodeNEXT, a rewrite of the land development code in Austin, could have the desired effect.  However, preliminary analysis finds it more difficult to build under the new code than under the old rules.

In general across the nation, the densest metro areas became more dense and the more sprawling ones became even less dense.  The most sprawling metro areas were concentrated in the Sunbelt and included Houston and Oklahoma City right behind Austin and San Antonio.

Looking to get an apartment in the center of the city?  Give Austin Apartment Specialists a call today at 512-241-1111 to find the perfect home anywhere in Austin today!  

Wednesday, May 17, 2017

Austin a Great Place to Start a Career

Austin nabbed the #3 spot on WalletHub’s list of the Best Places to Start a Career, the Austin Business Journal reports.  Salt Lake City and Orlando Florida were the only cities ranked higher than Austin.  

The report looked at opportunities for professional growth as well as quality of life to determine its list.  Austin was number three for population growth and number four for monthly salary relative to cost of living.  Austin’s low unemployment rate also worked in its favor as well as the large number of residents 25 and older with at least a Bachelor’s Degree.

Austin came in at number 32 for “fun-friendliness”, and only 48 for workplace diversity.  

Looking to get your career off the ground in Austin?  Give Austin Apartment Specialists South a call today at 512-912-8000 to find a great apartment to serve as home base!  

Wednesday, May 10, 2017

Austin a Great Place for Millennial Renters

On the heels of being ranked the best city in the country for millennials to live, HomeUnion has ranked Austin as number three on a list of the best cities in the US for millennials to rent.

HomeUnion looked at public school ratings, how long commutes take, and affordability to determine the rankings.  Rent could not exceed 2.5 times income.  

Central Austin, in particular the 78705 zip code around Hyde Park, nabbed the top spot on the list.  It ranked 86 for public school ratings, has an average commute time of 33 minutes, and monthly rent is $1,904.  That’s just 39% of millennials’ median household income in the Austin area.

No other Texas cities made the list of best places for millennials to rent nor the list of best places to buy.  Austin was beat out by Milwaukee and Louisville, Kentucky on the best places to rent list and St. Louis; West Palm Beach, Florida; Pittsburgh, Cleveland; and Oklahoma City topped the best places for millennials to buy list.  

Looking to rent in Austin?  Austin Apartment Specialists can help you find the perfect apartment no matter what stage of life you’re at.  Give us a call at 512-241-1111 to find your new home today!  

Wednesday, April 26, 2017

Food Hall Coming to Austin

Austin’s first Food Hall is scheduled to open in Fall of 2017 and it will feature locations of some of Austin’s most popular restaurants, Culturemap Austin reports.  

The development is to be called Fareground and will be located at the corner of Congress and Cesar Chavez.  The space will include coworking space, an event venue, lounges and conference rooms in addition to the food hall, spread over an outdoor park and indoor lobby.  

Antonelli’s Cheese Shop will have sandwiches, soups, and their traditional charcuterie plates.  Contigo Fareground will have its beloved burger, salads and new menu items.  Easy Tiger will serve up fresh baked bread, pastries, sausage, and craft beer.  

Dai Due chef Jesse Griffith will open Dai Due Taqueria, bringing the focus of local ingredients and wild game that he serves at the Manor Road outpost to tacos.

Henbit & Honeybit comes from Emmer & Rye’s chef and pastry chef.  Henbit will have an approachable menu made from sustainable ingredients and Honeybit will serve dessert and ice cream from a cart.

The chefs behind Komé and Daruma Ramen will bring Ni-Kome to Fareground.  The restaurant will combine Japanese food and noodles.  

Looking to find an apartment close to downtown?  Give Austin Apartment Specialists a call today at 512-912-8000!

Wednesday, April 19, 2017

Code Next Maps Released

The city has released the new CodeNext maps, the Austin American Statesman reports.  

The maps will show how new code will be implemented across the city, but there was nothing that either neighborhood activists who resist new development or proponents of increasing density in the city saw as worth getting riled up over.

On first glance, experts think the new maps just continue with business as usual and cement the development patterns and practices that are already in place.  However, most of those reviewing the new maps say they will take some time to digest.

After three years and $6.2 million spent on the CodeNext process, the new system basically divides the city into two zoning schemes.  One will be similar to what is already in place and would apply to suburban areas of Austin and the second is designed to bring density to Austin’s urban core and transportation corridors.  

City Council has stated a goal of building 135,000 new housing units by 2025 and set aside almost half for low-income residents.  The hope is that the new zoning rules will make that easier to do.

Are you a new resident of Austin looking for housing?  Or maybe you’re feeling the pinch of rising rents and looking to make the move to a more affordable apartment?  No matter what your motivation for moving, Apartment Specialists South Austin can help!  Give us a call today at 512-912-8000 to find your dream home today!  

Monday, April 17, 2017

Office Park, Apartments Coming to Austin Oaks

Austin Oaks, a development that has been proposed near the corner of Spicewood Springs and Mopac, got zoning approval from the Austin City Council last week, the Austin Business Journal reports.  

Spire Realty Group plans to replace an old office park with a 31 acre development that includes apartments, office towers, and retail.  

The development was first put forth in 2014, but the plans have been changed after the developer met with neighborhood groups opposed to the project.  These meetings resulted in the two apartment buildings being limited to four or less stories each.  

There will also be several mid-rise office buildings, with one being nine stories near Mopac, 1.2 million square feet of space total, and 375 or less apartments, with 41 for low-income renters.  

The land is currently occupied by an office park with 12 low-rise buildings.  

Interested in moving to Northwest Austin?  Austin Apartment Specialists can help you find an apartment anywhere in Austin!  Give us a call today at 512-241-1111!

Tuesday, April 11, 2017

New Office Park in Southeast Austin

Riverside Resources has acquired part of the old AMD campus in southeast Austin for a new, large office park, the Austin Business Journal reports.

The goal of the company is to get enough land to have a multi-tenant office park or corporate headquarters.

Riverside Resources bought a building that was previously owned by Cypress Semiconductor and has 330,000 square feet.  They want to remodel the space and lease the property as office condos.  They also have 46 acres next to that building and wants to construct an office park that spans three buildings and 425,000 square feet.

Ben White is a convenient East-West highway, the land is close to the airport, and Oracle’s new campus is located nearby on Riverside Drive.  Other attractive amenities in the area include Lady Bird Lake.  The area is also close to downtown and is increasingly popular with young professionals, especially those who work in tech.

Looking for an apartment in the East Riverside-Oltorf neighborhood?  Give Austin Apartment Specialists South Austin a call today at 512-912-8000 to find your new home today!  

Monday, April 3, 2017

Short Term Rental Rates Increase Dramatically During Big Austin Events

According to Culturemap and a new study from Datafiniti, local events like SXSW, UT graduation, and the Austin City Limits Festival cause costs for Short Term Rentals to increase dramatically.

Using sites like Airbnb, HomeAway, and other short term rental websites, Datafiniti looked at over 10,000 listings from October 2015 to September 2016.  

In March 2016 during SXSW, the price for a short term rental in Austin reached its peak: three times more than normal.  Median rent during SXSW 2016 was $600 per night, compared to the normal rate of $200 per night.  Rent for a three bedroom was about $650, but for just one bedroom it was about $100.

Rental rates also rise sharply during May graduation and during Austin City Limits in October, to $400 a night.  Short term rental rates are the lowest during September, November, December and January, with the median rent price less than $200.

Datafiniti reports that Austin’s hotels have rooms for 40,000 people nightly and the short term rentals help provide more lodging for visitors when those rooms are full.  The Austin City Council, though, wants to get rid of Type 2 short term rentals, which allow owners to rent out an entire house, in favor of allowing only Type 1 short term rentals, which will let owners rent out a room in a house they live in.  City Council says that permanent residents are often disturbed by noisy short term renters.

Ready to become a long term Austin renter?  Give Austin Apartment Specialists a call today at 512-241-1111 to find your dream apartment in Austin!  

Friday, March 31, 2017

Austin Population Growth Exceeds Expectations

Austin’s population continues to grow, even exceeding the prognostications of experts, the Austin Business Journal reports.

Last year the Austin metro welcomed an average of 159 new people to the city each day.  That number was calculated by using U.S. Census data on migrations, births and deaths to determine that the area’s population increased by 58,301 in 2016 to about 2,056,405.  

New residents are drawn to the Austin area because of the large number of jobs being added, especially in the technology industry.  The number of new people is also the reason why affordability is such a problem; homes just cannot be built fast enough to accommodate all the new citizens.

Austin grew the fastest of any metro of its size and the entire Austin area grew 2.9 percent, making it number nine of all U.S. metros.

Austin demographer Ryan Robinson says that 2.9 percent growth is higher than what he’d projected.  He predicts that the Austin metro will have 3 million residents by 2030. Robinson doesn’t expect Austin’s growth to slow down anytime soon.   

Hays County, Austin’s southern neighbor, came in at the number three spot on the list of the fastest growing counties.  Hays added 9,896 new people, which gave it a 5.1 percent rate of growth and took the overall population to 204,470.

Are you a new Austinite who needs to find a place to live?  Well, Austin Apartment Specialists South Austin is happy to help!  Just give us a call at 512-912-8000 to find your dream apartment today!

Tuesday, March 21, 2017

New Luxury Apartments Near Whole Foods

A new apartment community has broken ground near Whole Foods at Sixth and Lamar, the Austin Business Journal reports.

Built by Oden Hughes LLC and CWS Capital Partners LLC, the new community will have 226 units and will be built at 1301 W. Fifth Street.

The project is forecast to cost $29 million and will include one, two, and three bedroom units, with 10 percent priced at below market rates for qualified renters.

There will also be 2,200 square feet of ground floor retail included in the project, which is projected to be finished by the end of next year.

Oden Hughes is an Austin-based developer that also built the Water Marq apartments on East Riverside Drive and is currently building Lenox Boardwalk, a community with 339 units that will open in June.  Lenox Boardwalk will be close to the new Oracle campus in East Austin.

Another Oden Hughes project is Lenox Springs, an apartment community with 660 units in far South Austin.

Ready to find your new apartment in Austin downtown or anywhere else?  Give Austin Apartment Specialists a call today at 512-912-8000.  

Thursday, March 9, 2017

Free SXSW Fun

Are you staying in Austin for Spring Break?  Don’t worry, there’s lots to do in Austin around SXSW even if you don’t have a badge or a wristband!  Check out all that locals can get into without paying a dime!

Austin By Austin is a fun event sponsored by the Austin Chronicle and the Austin Independence Business Alliance designed to showcase all the great shopping districts we have in town away from the craziness of SXSW centered around downtown.  Burnet Road, North Loop, North Drag (Guadalupe Street), and more neighborhoods around town are participating with live music, discounts, and free beer for 21 and up.  

SXSW Create is held at the Palmer Events Center Friday March 10th through Sunday March 12th and is free with a SXSW Guest Pass.  SXSW has all kinds of exciting demonstrations of technology including robots, drones, 3D Printing, and cool things you’ve never even thought of.  Fun for the whole family!  

Flatstock is held March 16th through 18th at the Austin Convention Center and features the largest number of concert posters you’ve ever seen in one place.  Buy a few for your walls or just enjoy looking at the art and listening to the live music provided by bands on the Flatstock Stage.

Auditorium Shores on Lady Bird Lake hosts free concerts Thursday March 16th through Saturday March 18th.  A SXSW Guest Pass is required for entry.  

There are also several free public screenings including a 20th Anniversary showing of Hype!, a documentary about the beginnings of the grunge music in Seattle, Saturday, March 11th on the Long Center Terrace.  There will be a performance by Seattle Band Naked Giants at 7pm before the movie, so get there early!

Remember, traffic and parking get hairy during SXSW, so walk, bike, or take the bus or train during the festival and spend your time enjoying all the fun to be had, not stuck in traffic!  

Visiting Austin for SXSW?  If you want to make our amazing city your permanent home, give Austin Apartment Specialists South Austin a call today at 512-912-8000 to find an apartment and your own little slice of our weird city!  

Friday, February 24, 2017

How Many Hours Do Austinites Have to Work to Pay Rent?

Wondering how many hours you have to work to afford an apartment in Austin?  Culturemap reports on a study by SmartAsset that examines how many hours you have to work to make rent in the country's fifteen biggest cities.

Turns out Austinites work 59.8 hours each month to make the $1,047 median gross rent.  This number was determined by looking at the average hours worked weekly, average weeks worked yearly, median annual income for individuals, and the median monthly gross rent, as determined by the U.S. Census Bureau.  

While Austin’s estimated hourly wage is $17.52, our rent is also the highest of any Texas city in the report.  Dallas residents only make $14 an hour, but their rent is $863, meaning they have to work 61.7 hours to pay rent.  Renters in Houston make $13.91 an hour and have to work 62.8 hours a month to pay $873 in rent.  San Antonio is has the lowest rent in the state, but it also has the lowest wage, so workers have to work the most hours to pay for their rent.  San Antonio renters make $13.53 per hour and have to work 63.3 hours to pay their $856 in rent.  

The study also found that big cities in general cost more to live in than more rural areas as evidenced by the fact that in the two cities where you have to work the least number of hours to afford rent, Indianapolis and Columbus, residents are still working 53.8 hours to make rent.  

At the other end, Los Angeles residents are working 87.7 hours at $13.78 to afford rent.  

Trying to reduce the number of hours you need to work to make rent?  We can help you find a great new apartment that fits in your budget!  Give Austin Apartment Specialists a call today at 512-241-1111!

Monday, February 13, 2017

Plaza Saltillo Moving Forward

The Plaza Saltillo development in East Austin is set to move forward, but with dramatically lowered allowed heights for the office building portion, the Austin Monitor reports.

Endeavor Real Estate Group, the developer of the site owned by Capital Metro, requested a variance to have a 125 foot high office tower.  However, city council only granted a 70 foot high limit.

Councilmember Pio Renteria, who represents the district that the project is located in, said he wants more time for Endeavor and the East Cesar Chavez Neighborhood Planning team to come to an agreement that would bring a minimum of 141 affordable housing apartments to the project that comprises about half a mile of land from IH-35 to Comal Street between East 4th and 5th streets.  The project will be a Transit-oriented development because the MetroRail’s Red Line is in the middle of the development.

The planning team maintains that Endeavor isn’t complying with its original promise to designate 25 percent of the 800 apartments as affordable and that the project wouldn’t exceed 60 feet in height.  The current plan is for 15 percent of the apartments to be rented as affordable.  They also would have the office portion be 125 feet and then the rest of the project would be a little bit more than 60 feet tall.

Capital Metro asked the developer to make a bigger office building so the area would have a lot of people during the day to frequent the retail on the first floor.  The agency said that only allowing the building to be built to 70 feet would cost CapMetro $36 million in rent income and the city $22 million in property taxes over the 99-year lease that Endeavor is subject to.

Are you looking to find an apartment in East Austin?  Apartment Specialists South Austin can help!  Give us a call today at 512-912-8000 to find your dream apartment in East Austin or anywhere in the city!