Tuesday, October 18, 2016

Austin's Highest Rent and Population Growth Areas

As you might expect, rent has been on a steady increase in Austin.  It increased 2.6 percent between 2013 and 2014, however that increase wasn’t the same across the city, the Austin Business Journal reports.

Rents went up where Austin’s population increased.  Median gross rent increased the most in East Austin between Airport Boulevard to the east, Lyons Road to the south, Webberville Road to the west and Oak Springs Drive to the north.  Rent there went up 26 percent, from $623 to $783 per month.

On the other hand, rent decreased the most in an area east of Lockheart.  Rent in this area went from $1,042 to $699, a decrease of about 33 percent.  

In the top 25 fastest-growing areas, population grew by an average of 4 percent and median gross rent went up an average of 10 percent.  The 25 percent of tracts that were on the bottom in terms of population growth had a drop in median gross rent of 9 percent.  

It makes sense that the competition for apartments would drive up rent in the most desireable areas of Austin. However, in areas that aren’t seeing much population growth, apartment communities will have to lower rents and offer incentives to compete.

If you are one of the new transplants to East Austin, there are a lot of fantastic apartments to choose from.  These include Eleven by Windsor, which has studio, one and two bedroom apartments with ten foot ceilings, expresso or white custom cabinets with brushed nickel hardware, granite counters, oversized energy efficient windows, and wood or polished concrete floors.  Amenities include a skylounge with downtown and Capitol views, a fully equipped bicycle repair workshop and bike storage, a shaded dog park and a pet grooming station.  

Another great community is Amli Eastside, which has a resort-style pool with cascading waterfall, gourmet coffee bar, garage parking with direct access at every level and reserved parking available, and an outdoor deck with poolside bar.  Apartments come in studio, one, two, and three bedroom floorplans and include gourmet kitchens with granite counters, deluxe cabinets with undercabinet lighting, full size washers and dryers, tile entries and faux wood floors, large walk-in closets, nine foot ceilings, and spa-like bathrooms with marble counters.

Eastside Station includes studio, one, and two bedroom apartments with nine foot ceilings, hardwood style flooring, granite counters, deep kitchen sinks with gooseneck faucets, 42” cabinets, large walk-in closets and washers and dryers are included.  The community also has live/work units available and is gated with a parking garage.  It has elevator access, a rooftop lounge, a fire pit, bike storage, and a fitness center with spin room.

Want to walk to eastside dining and nightlife?  Corazon is a great choice, especially since it has retail and dining on the first floor.  This and is a LEED Certified Gold building's other perks include valet trash service and a rooftop deck with downtown skyline views.  Studio to two bedroom apartments have concrete or wood style flooring, granite counters and tile backsplashes, butcher block kitchen islands, oversized energy efficient windows, have washer and dryers, and use low-VOC paints and finishes.  

Are you looking for an apartment in Austin or the surrounding area?  A Plus Apartments can help you find a deal, even in the hottest areas.  Give us a call today at 512-231-1400 and let us find you the perfect new home!