Downtown Austin continues to be a popular place to live. Despite the fact that thousands of units are being built, it's still not enough to keep up with demand, so rental rates should continue to be high. I was interviewed by KVUE for their story on Demand for Downtown Apartments in Austin. The story also ran on the Houston ABC affiliate, KHOU.
While the population of downtown Austin is currently less than 10,000, the city wants to get 25,000 people living downtown. With all the units under construction, that goal seems more attainable than ever.
People are attracted to downtown for the convenience of being able to walk to work, entertainment and nightlife. It's the hottest part of Austin. 25,000 new units should be built by next Summer, from Lamar to Rainey Street, but they won't be able to keep up with demand enough to cause prices to go down.
Rents downtown are $1,500 for a studio apartment, One Bedrooms are going for $1,500-$2,000 and Two Bedrooms start at around $2,500. Currently, the city says there are at least six new apartment complexes being constructed in downtown, a number that increases daily.