We’re hearing reports of soaring rents in high-end downtown Austin rental buildings like the Monarch, Ashton, and AMLI. In one case, a tenant’s recent renewal resulted in a 30% increase in the market rate and the elimination of concessions. In total, this meant a rent increase of more than 50%. While downtown rental properties struggled…
Austin Population Explosion Continues
Austin’s population continues to rapidly grow. For real estate owners, this may be good news — increasing population with static supply often means price appreciation. While real estate prices in Austin have stayed relatively flat, rental rates are beginning to soar. Over the next few years, as the population is predicted to continue to soar,…
Downtown Vacation Rentals: Many Delinquent on Hotel Taxes
There are more than 200 Austin vacation rentals currently listed in Austin including units in major downtown Austin condo projects. According to the City, any unit that is rented for fewer than 30 consecutive days and more than $2 / day (Really! $2 / day!) must charge and pay the full hotel tax. Currently, the…
Arthouse Downtown Renovation Featured in Architectural Record
Arthouse, a very cool downtown Arts institution, completed a $4.4 million renovation of it’s prime Congress Avenue gallery & office space in October. In the current issue of Architectural Record — the widest read and most reputable publication for the Architecture trade — the 20,000+ square foot project is recognized and thoroughly documented. According to…
No More Conventional Mortgages for 23K U.S. Condo Projects
The New York Times is reporting that 23,000 condo buildings are likely to lose FHA lending approval, making it very difficult for condo buyers or owners to receive financing for new units. According to the article, “stellar credit and steady income will go a long way in helping borrowers secure a home mortgage, but they may not be…
298 New Apartment Units to Rise on South Lamar
The Austin rental market is very very strong right now. People continue to flood into Austin, and very little central Austin capacity has been added over the last couple of years. In particular, there remains a shortage of units in downtown Austin and in South Austin — both of which are highly desirable high rent…