In the last several years, Austin’s population has grown by over 13% and it doesn’t look to be slowing down anytime soon. These changes have kept the apartment sector on its toes citywide; and this last quarter in particular has seen the highest rise for the year in new construction, renovations of older units, and occupancy rates. Surprisingly enough, even though areas like the 620 Corridor have seen a slight increase in rent prices and continued construction, they maintain strong occupancy rates.
If we take a closer look at the 620 Corridor, we see that the area has been booming with new construction. Six percent of all units available for rent have been added in the last 12 months; and several hundred more are set to break ground within the next 12 months. This said, occupancy rose 1.3% in the last quarter and is holding strong at 94.2% over all. The Mansions of Lakeway apartment homes, are examples of units that broke ground this year. They offer beautiful units at affordable prices with perks such as a Starbucks cafe onsite, and an expert personal trainer for their fully equipped gym. The Madrone Apartment homes, also went up within the year and boast of eco friendly units, private backyards, and a 24-hour emergency maintenance service.
Although new and equipped apartment units are becoming plentiful along the 620 Corridor at affordable prices, the lifestyle the area provides is also a huge plus. Positioned directly between Lake Travis and employers such as Dell and Freescale, the 620 Corridor helps strike the perfect balance between work and play. On a larger scale, Lakeway, Leander and Round Rock hold some of the best schools the greater Austin area has to offer, and the increasing infrastructure in the area makes living day to day life much more convenient than in years past.
Some examples of infrastructure that have gone up this year and last include hotels such as The Holiday Inn, shopping centers like The Shops At Boulder, and commercial business enterprises such as AT&T. All of these provide job opportunities, stability to the area, and they make the 620 Corridor an attractive place to live.
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