Downtown living demand outweighing supply

Print
Email
|

by SHANNON MURRAY / KVUE News and photojournalist CHRISTIAN GARCIA

Bio | Email | Follow: @ShannonM_KVUE

kvue.com

Posted on May 22, 2013 at 6:19 PM

Updated Wednesday, May 22 at 6:23 PM

AUSTIN -- Downtown living is in high demand. Thousands of new units are expected to go in over the next year, but prices could remain high.

There are less than 10,000 people living downtown right now, but the city's goal is for 25,000 to call downtown Austin home. Apartment locators say with all the development going on, that goal isn't out of reach.

For two years Ashley Vivlamore has called 6th Street home.

"I originally decided to be down here because I wanted to be as close to the action as possible," Vivlamore said.

She moved downtown mostly for the convenience.

"I'm able to walk from work and home," she said. "And most of the things I need are within a few blocks and I'm able to walk."

From Lamar to Rainey Street, construction on new high-rise apartments can be seen no matter what direction you look.

"I'm really hoping that with more things being built the price will go down," Vivlamore said.

Apartment experts expect nearly 25,000 new units by next summer, but still the prices could stay high.

"Downtown is where everybody wants to be. It's definitely the hottest part in Austin," said Natalie Young with A Plus Apartment Locators.

Young says even with all the development coming, demand continues to outweigh supply - meaning prices won't drop.

"For a studio apartment if you get something around $1500 you're getting a good price. For a one bedroom, you should expect to pay between $1,500-$2,000. Two bedrooms will be closer to $2,500 starting out," she said.

For Vivlamore, the perks of living downtown are worth it.

"I love that there are always people out and about and there's always music playing," she said. "I feel like I'm part of a community being downtown."

The city says there are at least six new apartment complexes under construction in downtown right now and of course, that number continues to grow




 

Print
Email
|