Austin Apartments, Just Some Numbers

Looking for a place for the summer? How about a pre-lease for the fall? If you thought the housing market has been bad lately, you may want to start considering that move to Round Rock right about now.

The Daily Texan reported yesterday on a few numbers that seem to keep getting bigger, the prices of your average apartment in Austin.

94% - The occupancy rate in Austin by the end of 2006.

88% - The occupancy rate in Houston by the end of 2006.

7% - Increase, in the last 12 months, of price per square foot of the average Austin apartment.

$0.85 - Rental price per sqaure foot for an average Austin apartment in 2005.

$0.91 - Rental price per square foot for an average Austin apartment in 2006.

$1.20 - Rental price per square foot for an average Riverside apartment today.

$2.00 - Rental price per square foot for an average West Campus apartment today (making West Campus apartments the most expensive to rent in Austin).

2004 - Year The Austin City Council approved the University Neighborhood Overlay program, giving developers free-range to replace old buildings with mid-rise (2 to 4 stories) apartments.

95% - Projected occupancy rate in Austin by the end of 2007. Up only one percent from 2006.

All facts provided by Apartment Realty Advisors through The Daily Texan. Photo courtesy of xgray.

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By patrickdentler in News on April 27, 2007 2:56 PM 0 Comments

Comments [rss]

Patrick

Yeah, as much as we bitch about Austin's rising costs -- and don't get me wrong, I dislike them as much as anyone else -- we're still not as bad as comparable cities and pretty competitive overall.

You'd have to spend significantly more, for instance, to live in Denver, Seattle or Portland, all cities I think of as being sort of similar to Austin in charm.

That said, man, West Campus should not be the most expensive place in the city to live, on account of it sucks. I get that it's close to campus, but outside of that it's probably one of the worst neighborhoods in the city -- significant crime, loud, most of the properties are rundown, etc...

mark

are you being sarcastic, charlene? NYC? Try $4/sq. foot

charlene

Holy crap! Now I see why my rent went up so much this year. This place is turning in to NYC real fast. I have a feeling I won't be living here for too much longer.

M1EK

A better summary of the UNO is that it allows replacing old 2-4 story apartments with 6-12 story apartments, in general. (smaller in places, bigger in a few others, but basically averaging true midrise - 2-4 stories are more accurately described as "lowrise").