Moving across the country — or even just
across the state — can be a huge decision.
The solemnity of saying goodbye to friends
and family, mixed with the excitement of
starting a new life somewhere else, can leave
you at your wit’s end. Making decisions
about where and how to live your new life
can be downright frightening. Finding a
place to call home is challenging in any city,
but with a little knowledge and a little help,
transplants to Austin have some pretty good
odds of doing just that.
THE APARTMENT MARKET
Austin is one of America’s fastest growing
cities. As at June 1, 2016 the population
in Austin was 931,830. Why are people
flocking to Austin? Could it have something
to do with the fact that it was named the 2nd
among America’s top states for business by
CNBC in July, 2016? Maybe it’s the 36. 8 park
acres per 1,000 residents, the great air quality,
or the low 2.6% unemployment rate at a time
when the national unemployment rate is
4.9%. Perhaps it’s the amazing music, night-life, and culture, as some Austinites insist.
Whatever it is about Austin that brings flocks
of new residents to the area each year, one
thing is certain: most of those new residents
will be renting apartments, at least for their
first six months to a year.
The cost of living in Austin is consider-
ably lower than most big cities, as well as
the national average. Sitting at a cost of
living index of 70. 39 (with the national
average being 100), Austin is a very afford-
able place to live. There are no personal
or corporate income taxes in the state of
Texas, and the average annual state and
local taxes in Austin are $4,828. Home
prices, however, have increased 7.9% over
the last one year, compared to a national
average of just 5.5%.
What does all that mean? It means that,
while Austin is an inexpensive place to
live, owning a home in Austin isn’t within
everyone’s reach. Renting an apartment is
an excellent alternative. Apartments offer
Austinites “lifestyle, convenience, and flexibility,” according to Tiffany Walters, Senior
Marketing Manager of Greystar Real Estate
Partners in Austin. In addition, apartment
renters can usually afford better amenities
than they might in a single family home.
So what can you expect to pay for an
apartment in Austin? New one bedroom
apartments in the suburbs run about
$791$1, 110. Two bed-rooms range anywhere
from $1,499 to $1,599, and three bedrooms
from $1,821 per month. How much for a one
bedroom in Downtown Austin? Upwards of
$1,500 —if you can find one that’s available.
The Austin apartment market is a competitive one. While the city’s population has
boomed for decades, available housing
has not kept up. Austin ranks 6th for new
apartment construction in 2016. In the last
few years, however, the city has been trying
to catch up with its population growth by
building apartment homes and residential
towers. Of over 723,000 houses, apartments,
Energy e;ciency upgrades, such as duct sealing and
solar window screens, increase your property value,
reduce work orders and result in greater comfort
and satisfaction for your residents.
Contact us for your free assessment.
A City of Austin Program, © 2017 Austin Energy
GOOD FOR YOU
GOOD FOR RESIDENTS
GOOD FOR AUSTIN
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Austin is known for being an eclectic
city, and Austin neighborhoods are no
different. From young and hip high
rises, to suburbs with great schools
and parks, to customized luxury
apartments, Austin has it all.