The downtown Austin apartment market continues to show strength. A recent announcement for a new high-rise luxury apartment building is a good indication of the confidence that investors and developers have in the urban core rental market.
Third and Brazos will be the location of the new multi-unit facility, where the Whitney Printing Co. building has sat for years. The developers are planning on building 277 luxury apartments in 16 stories.
Another new tower will is planned for Fifth and Bowie, where a 34-story apartment building will provide 350 apartments plus 45,000 sq. ft. of office space.
In the Austin American-Statesman article announcing these new buildings, reporter Shonda Novak contacted Mark Sprague, Director of Business Development for Mission Mortgage, to seek his opinion and analysis of what we are currently seeing in downtown Austin.
“The inventory we have is not enough,” he said, noting that more than 10,000 single-family homes were rented last year in the Austin area, and fewer than 500 are currently available.
And most leasing agents and management groups, Sprague said, “will tell you that ‘the apartment you look at today will be gone tomorrow.'”
To read the complete Austin American-Statesman article, please click here.
Click here to read a previous blog post about the Austin apartment market.
To read an earlier blog post about rising rent prices in Austin, click here.