Having trouble finding an affordable and safe off campus apartment? You are not alone in the Lone Star State!
Situated just a bit north of the urban core of Austin, the University of Texas at Austin campus boasts some of the most valuable property in the area, and it is only increasing. With this growth comes a rising cost of living, making the search for off campus housing difficult and time consuming.
Many cities in Texas have been experiencing a period of explosive population growth over the last several years. In fact, Austin’s apartment occupancy rate is at a stunningly high 97 percent and rental rates are at an unsurpassed high of $1.21 per monthly square foot, according to recent city reports. There are enough beds in new student housing for only about 40 percent of enrolled students according to Eldon Rude, owner of the Austin market research and consulting firm, 360° Real Estate Analytics. He has been studying the housing landscape in Austin and gave his apartment research results to the Oak Hill Business and Professional Association recently.
“I look out and see the biggest opportunity in terms of housing being in those [below-$200,000] price points. … Some of the large-level builders are beginning to aggressively move into that space around the country, and I think we will see that more and more in Austin,” he said.
But there is no immediate solution for the current apartment costs in Austin. Mr. Rude stated that the vast majority of the development will probably happen far from the downtown area
Add to that that the normal rent for a 1,000-square-foot flat in Austin has gone from about $1,000 to $1,250, and students may find themselves closed out.
“At the point when those individuals move here, they’ve got to live some place. So that has made in our business sector … a genuinely huge unevenness in supply and interest for lodging,” he said, noting development has created critical value heightening in numerous types of lodging.
In 2013, the U.S. economy has included around 3 million jobs, with 1 in 8 of those being made in Texas, Rude said. This influx of opportunity has brought with it an increase in the cost of living.
“One exception is that there was some overdevelopment of housing at the highest price point,” Bayless says. “We’re focused on building in the best location with the best amenities within a broad range of rental rates. For instance, we have rates ranging from a shared room at $499 to a private, one-bedroom penthouse unit at $1,200 in the same building.”
For new and returning University of Texas students, all of this can be a bit overwhelming. Here at Student Spaces, we take the guess work out of the equation and show you all the best off campus apartments in your area. You will save time by browsing only those properties that have student rentals, and using search filters specific to off campus apartments.
