Luxe Austin Homes - multifamily housing

"New Texas law could spur more apartment projects in Austin, experts say"

Austin Business Journal shares, "A new state law that opens more land for residential development should make it easier for multifamily housing to get built in Austin, experts say.

The Texas Legislature approved Senate Bill 840 earlier this year, which allows mixed-use residential housing on any land zoned for office, commercial, retail, warehouse or existing mixed uses without requiring zoning changes from cities.

In Austin, city officials have said SB 840 will increase base zoning entitlements, potentially disrupting the city's existing density bonus programs. That's because developers that participate in the density bonus programs obtain additional entitlements — such as the ability to build denser residential housing — in exchange for…

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"The Tech Hub Emerging as America’s Most Affordable Market for Renters"

Realtor.com reports, "while aspiring homeowners are facing economic headwinds, rents are becoming increasingly affordable nationwide, with Western and Southern metros leading the way. However, one metro stands out from the rest.

In September, Austin, TX, the COVID-19 pandemic-era boomtown and technology hub, overtook Oklahoma City, OK, as the nation's most affordable rental market.

A family earning a typical household income looking to rent in Austin would spend just 16.5% of their monthly paycheck on housing, down 2.8 percentage points from a year ago, according to the September monthly rent report from Realtor.com®.

"Austin's rising housing affordability is primarily driven by declining rents," says Realtor.com economist Jiayi Xu. "The…

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"Austin leads the nation for developing private affordable housing"

CultureMap Austin writes, "Most people like a bargain, particularly money-conscious renters in the Austin area, where rents continue to be stubbornly high. According to RentCafe, the average Austin apartment rent recently stood at $1,691, compared with the statewide average of $1,449. Fortunately, rent relief is on the way: Austin is a hotspot for affordable housing, according to a new study.

The report from data provider Yardi Matrix shows the Austin metro area leads the nation for the number of “fully affordable” apartments and other multifamily housing units under construction by private real estate developers (not by government agencies). Austin ranks first on the list with 2,717 units under construction, followed by Miami with 2,687 and Los…

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"Austin to deliver more affordable housing in 2025 than any other US city, study says"

Austin Business Journal reports, "Austin is expected to deliver more affordable multifamily housing units than anywhere else in the country in 2025, and it still may not be enough.

With housing affordability a major issue both in Austin and across the country, 2025 is expected to see 78,377 affordable multifamily housing units delivered nationally, with 3,452 units in Austin alone, according to a new report from Yardi Matrix. Los Angeles is expected to deliver the second-most affordable units this year, at 2,752.

Even with nation-leading construction, however, worries persist that Austin still won't have enough. In addition, rising development costs and other issues could reduce the number of new units in coming years.

Affordable multifamily…

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