Apartment prices are at a record high in the Austin-area, averaging $1.15 per square foot, according to a report by Austin Investor Interests.
More people are moving to Austin and there hasn’t been a lot of new apartments constructed, although that is changing. But many of the new apartments being constructed are centrally located and aren't cheap.
“A lot of these units average a much higher price, $1.39 a square foot, with at least a third of these units being in the 78704 zip code or in the Central Business District, which averages $1.70 up to $2.50 a square foot," said Robin Davis with Austin Investor Interest. "These new units will raise average rents fairly significantly, but rents are also rising on average 5 percent anyway without these units."