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You are here: Home / Market Analysis / The New Downtown Austin Rental Market
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The New Downtown Austin Rental Market

towers staff July 6, 2009 Comment

Eleven years ago, if you wanted to live downtown there was really just one choice: the pink Railyard apartments near the convention center. In fact, the Railyard is so close to the convention center that half of the units needed to be knocked down to build the convention center extension. The remaining units are no longer pink, and they are no longer rentals. But there are now more choices than ever after an amazing decade-long expansion of the downtown rental market.

Last year alone, more than 1,200 new downtown rental units emerged. Unbelievably, more than 900 of these have already been rented. These units fetch some of the highest rents in central Texas. At the Ashton, a new project in the 2nd street district across from the Dell Discovery Center, rents average $2,500 a month. That will rise to about $3,000 once incentives of two months of free rent ends. The 36-story $110 million project features marble-tiled bathrooms, two-story penthouses, a wine cellar and private movie theater.

Summary: Recent Downtown Austin Rental Projects

Project
Address
Units
Occupancy
Monarch
800 W Fifth St

305

97%

300 N. Lamar

300 N. Lamar

154

96%

Red River Flats

901 Red River St.

120

96%

AMLI Downtown

201 Lavaca St

220

95%

Robertson Hill Apartments

1000 San Marcos St.

290

94%

AMLI on 2nd

421 W Third St

231

93%

Crescent

127 E. Riverside Dr.

169

93%

Legacy on the Lake

43 Rainey St.

187

84%

Gables on 5th St

1611 W. Fifth St.

150

62%

Cole

300 S. Lamar

119

33%

The Ashton

101 Colorado St

259

8%

Gables Park Plaza

W Cesar Chavez St @ Lamar

294

New

Gables Pressler

507 Pressler St.

160

New

Total


2658
78%

While units are being absorbed at a record rate, it’s taken lots of incentives to get leases signed. Most projects are offering 1-3 months of free rent to get people to sign leases in this soft, hyper-competitive market. Downtown rents vary greatly, from close to $1,000 per month to more than $6,000 per month.

Here is a summary of incentives from the Statesman:

– At the 29-story, 305-unit Monarch on West Fifth Street, developers are offering two months of free rent on some two-bedroom units, and three months of free rent on the four remaining penthouses. The project is 97 percent leased.

– At Greystar Red River Flats, at Red River and Ninth streets, rents for one-bedroom units have been lowered to $1,250 a month from $1,650, and two-bedroom units are renting $1,850 a month, $575 off the market rate, said Candiss Escobar, regional property manager. The project is 96 percent leased.

– On top of rent discounts, some complexes are offering incentives for tenants who sign a lease within 24 to 48 hours of seeing a unit, said Shannon Sullivan, leasing consultant for Robertson Hill Apartments on San Marcos at East 10th Street. With the three-month rent special, one-bedrooms at the complex now start at about $950 a month, down from $1,260 a month, and two-bedroom units normally priced at $1,800 a month are renting for about $1,400 a month, she said.

– At Cole, 119 new apartments on South Lamar Boulevard just south of Lady Bird Lake, it’s been “extremely busy,” said Jessica Higgins, a leasing professional with Lincoln Property Co. On average, five new leases a week have been signed since leasing began April 15, Higgins said. With current specials, studios start at $1,202 a month compared with the $1,420 a month market rent; one-bedrooms start at $1,384 a month, down from the $1,636-a-month market rate, and two-bedrooms start at $1,947, down from $2,301 market rent.

Related

Filed Under: Market Analysis

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