Austin has seen signs of construction picking up, along with higher occupancy in apartment communities. Rents increased 4.6 percent in the last year and apartments are 93.2 percent occupied, according to Austin Apartment Association.
We are in a landlord’s market. The days of bargaining and trying to bid lower than list prices are nearly over. We are not seeing as many move-in specials as we have seen previously and people are competing all over the city for places to lease.
Austin is seeing a huge increase in demand but the supply is not keeping up at the same rate. This situation is driving market prices way up. Even though there are many new apartment and condo communities underway, there are simply not enough to keep up with the demands of people in the market. I’ve seen projects which have been sitting stagnant for years and are now being repurchased and are in the midst of resuming construction.
For example, a central Austin condo project on Enfield has stood idle, untouched for three years since developer Tadd Coates of Bolter Corp. fired contractor Qmet Building Co. in August 2008. A private investment group, 1603 Enfield Ltd., purchased the property from First State Bank four months ago. 1603 Enfield is led by led by Eddie Butler and The Butler Family Interests. The development will consist of 25 units and will be called “Pease Place.” The units will offer a “green living experience.” The builders for Pease Place will use the pre-existing steel and concrete frame leftover from the previous project. They will remove most of the exterior materials and modify the design to match a “sophisticated” look with stucco, stone and an organic and neutral color color palette. The units are going to range anywhere from 500 to 1,300 square feet and fall somewhere in the price range of $150,000-$395,000. The project is expected to be completed this Fall! Another project at I35 and Riverside Drive has resumed construction as well and is expected to help increase home values in the area.
For more information about leasing and property management or for assistance with your Austin Home Search contact us today at (512) 419-7770. We are always up to date with the latest market trends and would love to work with you!
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