Article: Austin the most expensive rent in TX (sales, real estate market)

[nomore07]

Austin most expensive rent in TX - Austin Business Journal:

[orbius]

Yeah there wasnt much of a dropoff in 2009 because of the transients coming to Austin following the 'path of gold' they had heard about in the media. But word travels fast that theres no decent paying work here unless you are a highly specialized and qualified techie, all that noise just bought the developers about 6-9 extra months to unload their product.
Now that early 2009 leases are ending prices are coming down a lot. I'd say $200+/mo across the board off 2008 prices. The huge dropoff in rents is also a sign theres a lot more pain in the non-rental real estate market to come also IMO.

[WoodyAustin]

Originally Posted by orbius

Yeah there wasnt much of a dropoff in 2009 because of the transients coming to Austin following the 'path of gold' they had heard about in the media. But word travels fast that theres no decent paying work here unless you are a highly specialized and qualified techie, all that noise just bought the developers about 6-9 extra months to unload their product.
Now that early 2009 leases are ending prices are coming down a lot. I'd say $200+/mo across the board off 2008 prices. The huge dropoff in rents is also a sign theres a lot more pain in the non-rental real estate market to come also IMO.

I agree. Papers make it sound like the economy is solid here but all I've seen so far is a lot of struggle. We got a big chunk off the previous renters' price for a central house.

As far as home sales, the "affordable" range is selling reasonably well (probably due to low mortgage rates and tax credits which are temporary). The high end is totally dead. There are literally hundreds of $1m+ homes within 15 minutes of downtown and almost no buyers.

[RevMen]

One Texas city has to have the highest rent in Texas. It may as well be the capital.

Austin ranks as the 65th most expensive U.S. rental market and the 73rd most expensive homeownership market of all metro areas studied.

It's still a relatively inexpensive place to rent or buy property on the whole.

[halfliquid]

I was wondering why my one bedroom slum apartment with no amenities was still going for $1.00 per square foot.

[atxcio]

Originally Posted by halfliquid

I was wondering why my one bedroom slum apartment with no amenities was still going for $1.00 per square foot.

$1 per square foot is incredibly cheap rent, esp for a 1 bedroom (500-700 sq ft). I'm suprised you were able to find something so cheap.

[halfliquid]

Originally Posted by atxcio

$1 per square foot is incredibly cheap rent, esp for a 1 bedroom (500-700 sq ft). I'm suprised you were able to find something so cheap.

Cheap is the operative word--cheaply built and cheaply maintained.

This place, at 450 sq ft and $459/mo, is overpriced by a good $50-$75/mo.

A small pool, no WD hookups, dirty laundryroom, and the building shakes when someone slams a door. It's a 30 year old trash can.

It's time for me to get something with some dignity. I'll have to pay $650-700/mo. for the places I've looked at, though.

[orbius]

Originally Posted by halfliquid

Cheap is the operative word--cheaply built and cheaply maintained.

This place, at 450 sq ft and $459/mo, is overpriced by a good $50-$75/mo.

A small pool, no WD hookups, dirty laundryroom, and the building shakes when someone slams a door. It's a 30 year old trash can.

It's time for me to get something with some dignity. I'll have to pay $650-700/mo. for the places I've looked at, though.

Be careful of the newer stuff a lot of its more poorly built than the 30 year old stuff.
Some of these real estate 'cowboys' built things so cheaply you can hear normal conversations through walls, floors, everywhere. I've also heard of people getting $250 electricity bills on a top floor apartment because of low construction standards.
Besides reading the apartment ratings on websites its also a good idea to call City of Austin Utilities and ask about the historical electricity consumption in the unit/complex.

[austin-steve]

Rents for houses in Austin are still cheaper than they were in 2001. Renters have had a good deal for the past decade in Austin. It use to cost 1% of the market sales value to rent a home. Now it costs 0.5-0.8% of sales value.

Steve

[halfliquid]

Originally Posted by orbius

Be careful of the newer stuff a lot of its more poorly built than the 30 year old stuff.

OMG! Is that even possible?