Austin Areas
See map by area below
Northwest
Northwest or Far West Austin from RR 2222 and MOPAC up to the Parmer Lane and Highway 620 area in Cedar Park encompasses the Arboretum and Lake Travis areas. The growth of the area is reflected in the lower rental rates for newer properties because of overbuilding. Generally speaking, the best values are in this area.There are a variety of apartment options from urban living close to downtown to near-rural locations further north.
North
Highway 183 (Research Boulevard) runs east-west from IH 35 to the Capital of Texas Highway before turning north. That area north of the east-west portion of Highway 183 between FM1325 (Mopac) and IH 35 up to Wells Branch Parkway is the area known as North Austin. Home to many high tech companies including IBM and Texas Instruments, the area includes major park and recreational facilities such as Walnut Creek Metropolitan Park.
Northeast
The area centered around the intersection of Highway 290 and Highway 183 is the heart of Austin's high tech corridor. Motorola, Dell, Applied Materials, and many other technology companies are found here. Catering to busy young professionals, the newer apartment communities may feature business centers and convenient on-site recreational facilities. Older properties are among the most affordable in town.
North Central
From the east-west portion of Highway 183 between IH 35 and Lamar Boulevard south to the University of Texas is generally referred to as North Central Austin Texas. There is a mixture of students and small families in this older, predominantly residential area. Many of the more central locations are within walking distance of the UT campus and many downtown attractions. Because of the proximity to downtown and UT, the rents are relatively high in this area for older properties most without washer/dryer connections inside the individual units.
Downtown
Apartment communities north and south of Lake Austin, primarily around South Congress and Lamar Boulevard are generally exclusive, high rent apartments and townhomes. These homes offer the ultimate in luxury and a convenient in-town location, close to shopping, entertainment, recreation, and education options.
South Central
South of Town Lake, between Lamar Boulevard and IH 35 south to Ben White is in the shadow of downtown. Old mixes with a bit of new, with both types of properties convenient to both St. Edward's University and the University of Texas as well as the recreational areas and entertainment venues along Town Lake.
Southwest / West
The Hill Country starts here. From IH 35 west to 290 and Southwest Parkway between Slaughter Lane and Barton Springs Road, Zilker Park anchors the area. You'll find apartment communities with spectacular views of downtown or hilltop and wooded seclusion. Parts of this prime real estate come with a high price as reflected in the apartment rents, even though there are pockets of "good deals" in some newer apts..
South
Along the IH 35 corridor from the shores of Town Lake south to William Cannon, residents have easy access to both St. Edward's University and the University of Texas.
Round Rock and Pflugerville , sometimes referred to as Far North Austin, are characterized by more affordable housing, from older 80s communities to newer prime Class A apartments.
These Austin apartment rents were taken by sampling the 2002 rates from a variety of properties in each area but do not reflect move-in specials, cost of utilities, or deposits. Apartment rents are always subject to change. Use these figures as a general guide only.
Austin apartment glut, rent cuts predicted- Others, however, say market -- especially for high-end, downtown units -- will stay healthy.
Too many apartments are being built across the Austin area, and that means some tenants can expect rent discounts and other concessions by year's end.
That's according to apartment industry research firm M/PF YieldStar, which shows June occupancy at 93.4 percent, off 1.5 points since March and 1.8 points from mid-2007. The decline is especially worrisome for landlords, coming during prime leasing season, said Greg Willett, the firm's vice president of research.
"I think it's time to raise the flag," Willett said. "I don't think people have realized how big a hole we're about to dig for this metro."
Willett says occupancy is headed down and predicts rents will flatten this year, then decline 3 percent or more in 2009. "The market remains in decent shape for the moment, but it's concerning that the loss of momentum is so pronounced," Willett said. "Plus, with so much additional product now under construction, it's pretty easy to see the headlights of that train bearing down on you."
