Tuesday, October 6, 2015

Why South Austin Is The New "It" Place To Live

Austin grows rapidly every year. It would take a small book to cover all the changes Austin undergoes each year keep up with its ever growing population. That said, today we are going to focus on South Austin. Unlike decades past, South Austin is quickly becoming one of the most popular areas in the City to live. If we dive in a little deeper, we can see the evidence that South Austin is gaining in popularity and why...

In 1995, the average rent for an apartment in Austin was $.83 / sq ft.  Compare that with $1.31 / sqft in the second quarter of this year and you can see that Austin rents have increased a whopping 57% in the last 10 years.  Even with dramatically climbing rents, Austinites are still willing to pay higher rent for an apartment in South Austin compared to one in North Austin. In that same quarter, on average, the rent for a one bedroom apartment in South Austin was 5.5% higher than a one bedroom apartment in North Austin.

To accommodate this demand and take advantage of higher rents, construction in South Austin is booming.  Take South Lamar for example.  In just the 3 mile stretch between Barton Springs Road and 71, five new luxury apartment complexes have opened recently or are soon to open.  Three of them practically on the same corner!  
Why is this? Well, we’ve got a view ideas…

Unlike North Austin, which grew rapidly in the 80s and 90s, South Austin still has land to offer that  is in close proximity to downtown.  New bars and restaurants have opened up to meet the demand for new hot spots. Live music is plentiful, parks are everywhere and the greenbelt is at your fingertips. Places like Campbell’s Hole, Twin Falls and Barton Springs offer unique opportunities to hike and enjoy nature. Local parks like Butler, Zilker and the newly renovated Auditorium Shores host festivals and outdoor events of almost every kind, practically year-round.

If you would like to get in on the South Austin craze for some of the same reasons we mentioned above, give us a call at 512 231 1400. One of our agents will get you set up with a great place in a great part of the city that you can call home!