Renting an Austin Texas Apartment
The Austin Tx apartment market averaged 90% occupancy in 2001, with rents at $1 per sq ft . Very high job growth during the 90's, and the resulting population growth had been large forces in pressure on rising apartment occupancy and Austin rental rates. To meet this increased demand, new apartment construction increased from 2000 to 2002 by 35 %. By late in the year of 2001, these additional units, together with a national economic slow down, caused the occupancy level to fall from its highest level in year 2000 (97 %). (Source; Austin Investor Interest 2002)
NOTE: As of March 2004, The average price per sq. ft. dropped from $1.01 a square foot in 2000 to about 81 cents psf. Specials of 1,2,3 or even 4 months free on a 12 to 13 month lease have reduced the actual rents by 20% to over 35%.
The central part of Austin continues to be contrary to the declining rent trend, with prime downtown apartment rents going for an average of $1,200/month. Also the central and downtown areas had Austin's highest occupancy rate of 92% in the fourth quarter of 2003.
The soft spots in the Austin Texas apartment market are in the outlying Surburban areas, where most of the overbuilding has taken place over the last 4 years. These areas include far Northwest Austin, North Austin, Cedar Park, Round Rock and Plfugerville.
Austin offers something for everyone moving here, with a diverse range of neighborhoods with in and around the city.. Newcomers can locate housing options near every employment center in the Austin / Round Rock / Cedar Park area.
Round Rock & Pflugerville
Two of the fastest growing cities in the area, Round Rock and Pflugerville offer close proximity to new employment centers as well as newly built homes and apartments. Along with Cedar Park apartments, Round Rock apartment, condos and townhomes & Pflugerville apartments, condos and townhouses are some of the best values on apartments in Austin Texas metro area.
A Close-in neighborhood can offer an Austin apartment with easy access to the north industrial market at an affordable price. Many of the new Austin TX apartment complexes are located in the North Austin area.
Central & North Central Austin are seeing a revitalization in their housing markets, with several loft renovations and the introduction of new housing to historical structures such as the 6th Street Lofts, Amil, Nakona, Milago an Brown Building downtown. You can find apartment and condominium developments near the downtown, the Capitol Complex and the entertainment district, or you can choose to live in the historic communities that surround the University of Texas, where Victorian -style homes are available.
West of Downtown, neighborhoods such as Enfield & Clarksville feature tastefully updated homes as well as renovation projects and student rentals.
Diversity among the neighborhoods east of Interstate-35 includes ground-breaking master-planned communities, neighborhoods that sprang up in the first half of the century & homes that reflect Austin's Victorian roots. This area includes the some of the most affordable Austin apartments.
Far Northwest Austin
Newly developed master-planned communities combine elegant new homes with substantial acreage and terrific access to the lakes, the wealth of retailers at Lakeline Mall and new employment centers. Your local apartment locator can find you the best values in apartments in Austin.
The northwest area is one of Austin's fastest-growing sectors, drawing services like Seton Northwest Hospital, as well as considerable retail. This is a prime area to rent a luxury apartment, condo or townhouse in Austin.
The South Austin sector offers great access via a grid of east-west streets just a 4 iron from downtown. The exclusive Travis Heights area includes older neighborhoods that afford exceptional access to the downtown area. The very successful 4,000-acre community of Circle C Ranch also is located in South / Southwest Austin.
As Austin's first and most exclusive master-planned community, Lake Travis and Lakeway offer residents superior access to lake recreation and numerous golf courses.
SW Austin offers the extraordinary natural beauty of the Texas Hill Country and the advantages of strict environmental ordinances. Your Austin apartment locator can help you find your ideal apartment home here.
SE Austin is experiencing a transformation accompanying the new Bergstrom airport and Advanced Micro Devices (AMD) new chip plant with affordable Austin apartments for those moving to Austin
Far So. Austin
The "bedroom" communities lof Manchaca, Buda and Kyle offer country living from large "spreads" with acreage to cozy cottages within easy reach of the city. There are a few apartment communites here but not many.
The Red Hot Austin Economy
The Austin-San Marcos MSA ranked number one out of the largest Metro Statstical Areas in Texas for job growth during the year 2000 Approximately 13% of all new jobs in the State of Texas were created in the Austin MSA . This shows considerable strength for the Austin area, since its population has represented only 5.7% of the state's population.
The Austin San Marcos Round Rock Cedar Park regional economy has exhibited solid employment growth during the last decade --a 72% growth from 1990 through the year 2000 with over 280,000 new jobs added. In 2000, total employment grew by nearly 6% from the previous year, adding 37,100 jobs to the market Over the decade, of the 90s, Austin has experienced an average annual job growth of 5.5 percent.
Source: Texas Workforce Commission 2002
The Central Texas economy was strong in 2002, despite setbacks inevitable in a national recession that heavily affected technology. While the phenomenal growth that characterized the region from 1990 to 2000 has slowed down , the leveling off has produced some positive results, such as more available workforce and a greater supply of available commercial and retail space.
Unemployment, which had averaged 2% in the year 2000, rose in 2001. Even so, the Austin MSA continued to add jobs throughout the year when there were a total of 675,600 jobs, 2,900 more than the over 672,000 registered in 2000. Six of eight major industry sectors added jobs in 2001, with only the manufacturing and transportation/public utilities sectors registering losses.
Also, Austin's unemployment rate of 3.8 percent in 2001 was lower than the Texas rate of 4.9 percent, the U.S. jobless rate of 4.8 percent and the rate for several tech centers, such as Seattle, Portland and San Jose
Innovation and Entrepreneurial Growth
Since 1990, technology patents awarded at area inventors have more than quadrupled. By contrast, growth in patents issued in Texas outside the Austin area was less than 1/2 the pace of Austin's.
Austin's research community is thriving so much so that research consortia Sematech and Microelectronics and Computer Technology Corp. (MCC) continue to anchor Austin's research community, which contributes to Austin's attraction for high-tech companies.
The entrepreneurial sector continues to support Austin's young companies. Internationally recognized Austin Technology Incubator is filled and has graduated 62 companies since its inception 12 years ago. The Austin Multimedia Incubator and Software Atelier nurture start up companies in their respective fields.
Business Cost Advantage
One of Austin's strongest advantages over many competing high-tech centers is its low cost of doing business.
Based on an overall business cost index, Austin's overall business costs are 6 % below the U.S. average. Business costs refer to the cost of labor, energy, taxes and office space.
Overall, Austin's business costs are comparable to other, similarly sized SMSAs that have a strong high tech presence, such as Salt Lake City and Portland.
Austin's business costs are even more attractive when compared to those of larger metropolitan areas such as San Jose where business costs are approximately fifteen percent higher than those in Austin.
Having The University of Texas located right here make comparisons to the larger, more costly high-tech centers more appropriate.
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About Austin, Texas including information about renting an apartment, free apartment locating, neighborhoods, jobs, and economics. The Austin Tx apartment market in North and Northwest Austin, Cedar Park Round Rock & Pflugerville