I was recently interviewed by Time Warner Cable News about Austin's rising rental rates and how it could affect both residents and businesses.
In my nine years as an apartment locator, I have never seen rent this high. $1,043 is the average rent for a one bedroom in town, and despite the fact that more apartments are being built, it's unlikely we'll see a drop in rent anytime soon because communities are brand new and able to ask for high prices and get them.
In order to find apartments that fit their budget, apartment hunters are looking in suburbs like Cedar Park and Leander, but unfortunately, those suburbs don't have very many apartments to choose from and the ones they have are so new, they are still leased at a premium.
My advice to my clients who are looking to find affordable apartments is to search in the Fall or Winter. Another option is to get a roommate so your share of the rent will be smaller.
The Austin Chamber of Commerce is also concerned about the fact that Austin is becoming such an expensive city. The high cost of property can drive businesses to more affordable cities, as has happened with National Instruments, who announced last week they were going to move 100 Austin jobs overseas.