Single Family Rental Homes in Pflugerville and Georgetown

A California company is building new single-family homes in Pflugerville and Georgetown that will only be offered for rent, Culturemap Austin reports.

The company, AHV Communities, will build 83 homes in the Legacy development in Pflugerville and 92 in the Rivers Edge development in Georgetown.  Houses in both communities will be one or two stories and have three or four bedrooms, with square footage from 1,440 to 1,882 square feet.

Homes in both cities will have front and back yards, washer and dryer connections, quartz counters, wood-style flooring, and walk-in closets.  Neighborhoods will have a dog park, fitness center, pool, clubhouse, and green space.  Home and yard maintenance will be the domain of on-site managers, just like at an apartment community.

The communities are expected to be complete by the end of this year.  AHV is also at work on similar neighborhoods in San Antonio and New Braunfels.

Looking to find your own rental in the Austin area?  No one knows the Austin area rental market better than Apartment Experts South. Give us a call today at 512-416-8100.

 

Austin Not the Most Expensive Place to Rent in Texas

Austin is not the most expensive place to rent in Texas, Culturemap Austin reports. Surprisingly, that honor belongs to Houston.

The study looked at the number of cost-burdened renters in the top 4 metros in Texas. A renter is considered cost-burdened if they pay more than 30 percent of their income on rent.

In Austin, 47.7 percent of renters are cost-burdened, with 26.5 percent being moderately cost-burdened and 21.2 percent being severely cost-burdened.  Austin ranked 40 on a list of 100 metro areas for affordability of housing.

Dallas Fort-Worth has 45.3 percent cost-burdened renters, 25.1 percent moderately cost-burdened renters, and 20.2 percent severely cost-burdened.  DFW came in as the 18th most affordable city in the country and the most affordable in Texas.

San Antonio has 47.7 percent cost-burdened renters, 25.8 percent moderately cost-burdened renters, and 21.9 percent severely cost-burdened renters. It ranks 38 on the housing affordability list.

49 percent of Houston’s renters are cost-burdened, with 24.9 percent of them considered moderately cost-burdened and 24.1 percent of them severely cost-burdened.  It came in at number 58 on the list of 100 metros.

Looking to take advantage of the affordability of Austin and snag a new apartment?  Apartment Experts North can help!  Give us a call today at 512-339-4411!

Austin’s Economy is the Second Best in the Country

A recent survey found that Austin has the 2nd best economy in the United States, only beat out by Provo, Utah, the Austin Business Journal reports.  

Austin had been number one for the past two years.  The cities are ranked using numbers from the U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, and the U.S. Census Bureau.

Austin added 275,000 new people to the city in the past half decade, which is a 15.5 population increase.  2,900 jobs were added in the private sector each month since 2012, which is a growth rate of 26 percent.

Need help finding a new apartment in Austin’s competitive rental market?  Apartment Experts North can help!  Give us a call today at 512-339-4411!  

Rent in Austin Going Up

A new report by Abodo finds that Austin rents are increasing, Austin Culturemap reports.

In the third quarter of the year, rent increased 2.51 percent. The median price of a one bedroom in Austin in July was $1,154, and by the end of September it was $1,183. For a two bedroom apartment, the median price at the end of September was $1,448. Austin is the 24th most expensive market for renting in the United States.

As U.S. News and World Report recently found, Austin is the best city to live in the country. Demand drives up prices, especially if there isn’t enough supply to house everyone coming to Austin, so expect rent to continue to be on an upward trend.  Austin had more new people move here in 2016 than ever before.

To sum up, don’t expect to see prices go down for a while, especially with homeownership rates falling.

Nervous about Austin’s tight rental market? Don’t be! With Apartment Experts South on your side, we can help you find the perfect apartment, in your ideal location and in your budget, in no time. Give us a call at 512-416-8100!

New Mixed Use Development in Cedar Park

A new mixed-use development in Cedar Park is underway, the Austin Business Journal reports.

The project was started as a way to add office space closer to where workers are living.  American Constructors found that their employees were living in the suburbs in Cedar Park, Leander and Round Rock, where housing was more affordable.  Their CEO reached out to developer Riverside Resources in hopes of moving their operations from Southwest Austin to Cedar Park where most of their employees reside.  The goal was to cut back on workers’ commutes.

The expansion of Apple, Inc., in Northwest Austin, as well as Charles Schwab Co., Amazon.com Inc., and HomeAway Inc. has led to a much bigger demand for housing and retail in the area.

Riverside Resources is behind the Presidio, a mixed-use community on 100 acres near West Parmer Lane and Brushy Creek Road.  American Constructors is the anchor tenant and has roughly fifty percent of the 25,000 square feet of office space in the first office building in the development.  Other tenants include First American Title Co., Edward Jones, and Thrivent Financial.  There are plans to add another 50,000 square foot office building.

A 337 unit multifamily development called Latitude at the Presidio is set to open in early 2018.

To meet the demands of all the office workers and residents, a trail will be added through the development as well as retail.  23,000 square feet will be constructed in the first phase, with a focus on restaurant-centric design with outdoor decks, a rarity in Cedar Park.

Want to make the move to Cedar Park or anywhere else in Austin?  Give us a call at 512-339-4411, we’re the experts at finding you an apartment you’ll love!  Austin Apartment Experts North will help you for free!

New Suburban Austin Development

The suburbs of Austin are growing.  In fact, about two of every three people who move to the Austin area decide to call the suburbs home.  The Austin Business Journal reports on several mixed-use projects in the works for towns around Austin.

In Pflugerville, developers are hoping for city council’s approval to build a mixed-use project with 1,208 residential units, 1.1 million square feet of office space, 3,000 square feet of shopping and restaurant space, a hotel with 200 rooms, a civic building, 10 acres of parkland, a festival street, an amphitheater and more.  This version of the 45 acre project called the Pecan District will cost $1.2 billion and bring a ton of tax revenue to the city, according to the developer, as reported by the Austin American Statesman.

If the city doesn’t give an okay to the zoning change, the land will just be used to build 735 residential units, 194,000 square feet of office space, 84,000 square feet of shopping and restaurants, and there will not be a hotel or the other amenities.  The developer says this version will only cost $400 million and will create way less tax revenue, as well as have a giant parking lot as a feature.

In Smithville, the city has approved a 42 acre mixed-use development that will add $25 million to the tax rolls for the city, according to the Austin American Statesman.  The planned community will have apartments, a hotel, and assisted living for seniors.  It will have retail as well, put forth as a store, bank, convenience store and restaurants.

In Bastrop, a downtown lot that has been vacant since a fire many years ago is set to be redeveloped.  The City of Bastrop used it for events for years until severe structural problems were discovered which forced it to close.  The city eventually sold the land to the Bastrop Economic Development Corporation for $4.  Stone Cobalt Partners is redeveloping the site into a mixed-use building with 4,500 square feet that will include a restaurant and stores on the first floor, offices on the 2nd floor, a balcony that will have a view of Main Street and may also add a rooftop deck that can host events.  

Looking for a new apartment in Austin or the suburbs?  We can help!  Give Apartment Experts North a call today at 512-339-4411!

Barton Creek Resort Expansion

Barton Creek Resort will soon go under a huge expansion and transformation, the Austin American Statesman reports.

The resort is currently 309 rooms and the expansion will add a 10 story tower that will increase the number of rooms in the hotel by 181, and add a huge conference center, restaurant, and parking garage.  The project is expected to cost $70 million and is forecast to be completed in 2019.  Construction will begin in the Fall of 2017.

Ten new tennis courts, an events lawn, and more will be added and all the existing facilities, including the pools, will be upgraded.  Impervious cover will increase with the new development, but will still be within the allowances set forth by an agreement with the City of Austin.

Looking to find an apartment in west Austin?  Apartment Experts South can help!  Give us a call today at 512-416-8100 to find a new apartment anywhere in Austin or beyond!  

Round Rock Office Building Breaks Ground

A large new office building has begun construction in Round Rock, the Austin American Statesman reports.

The 95,000 square foot building Summit II at La Frontera will be located at IH-35 and Texas 45 next to the Summit I and the two buildings will surround a shared courtyard with Wi-Fi, chairs and tables, and space for food trucks.  Both buildings are owned by Mark IV.

Round Rock’s commercial office space business is booming with vacancy rates at just 5 percent.  Many businesses see Round Rock as a much cheaper alternative to the high costs of office space in downtown Austin and the desire to cut commute times for workers who live in Round Rock.

Looking to make the move to Round Rock?  Apartment Experts North can help!  We know the market in Round Rock, Austin and the surrounding suburbs better than anyone!  Give us a call at 512-258-8224 to find your dream apartment today!  

Austin Mayor’s Plan to Help Homeless Downtown

Austin’s mayor, Steve Adler, has a plan to fix homelessness downtown, the Austin Business Journal reports.  

The plan starts with increasing the hotel tax by 2 percentage points to 17%, which is the maximum amount allowed in Texas, and then using that extra income to provide services to Austin’s downtown homeless population.

However, the mayor said the plan would only work if the convention center is expanded.  The mayor wants the convention center to become a mixed-use development with retail on the street level and two highrises, one with apartments or condos and one with office space.  His goal is to increase tax revenue for the city with the expansion.

60% of the hotels in the area have to agree to the tax increase for it to happen and Adler’s theory is that they will be much more likely to agree if they have more customers due to the expanded convention center.

The mayor also wants a tax increment financing district to be created that encompasses the Austin Convention Center and will mean that any taxes raised in the area have to be reinvested in the Convention Center district.

Adler also wants to make the Waller Creek Tax Increment Finance Zone to be used for parks along the creek.  It currently is set to end after being used to build structures to reduce flooding along Waller Creek.  The parks will cost $100 million in bonds and $50 million in funding from private donors.

Looking to find an apartment near the convention center or anywhere in Austin?  Apartment Experts South can help!  Give us a call today at 512-416-8100!

Where Housing Growth is the Strongest

In the last 7 years, Hays County led the Austin area in the number of new housing units according to new numbers from the U.S. Census Bureau, the Austin Business Journal reports.

In the period from 2010 to 2016, the amount of housing in Hays County grew by 26.3 percent to 75,482 units.

Housing grew by 13.7 percent, or 97,320 units, during the same time period in the Austin metro area.  The area now has almost 805,800 units.  The overall population increased 20% to 2 million.

Williamson County grew 14.5 percent over that 6 year period, putting it as the 2nd fastest area of growth in the region.

Travis County came in third, adding 12.8 percent to their housing stock, adding 56,600 units for a total of 499,060.

Looking to take advantage of some of that construction boom to get a new apartment?  Give Apartment Experts South a call today at 512-416-8100.