Austin’s growing population has made finding great apartment deals near impossible. We’ve analyzed data and are delivering the Top Austin Apartment deals available right now.
Ranked the fastest growing U.S. city for the fourth year in a row, Austin, Texas’s landscape has changed drastically. Throughout the city, engineering and property companies are scrambling to construct enough housing to host the burgeoning population. Unfortunately, for Texan immigrants, property developers are struggling to keep up with demand. Naturally, this has resulted in higher rental prices. For renters like us, finding a good apartment deal is about as rare as a short line at Franklin’s BBQ.
Fortunately, at Kwelia we’ve spent the past couple of years building technology to help analyze and decipher rental housing markets. Among other cool things, our tech continuously scores every apartment on the market to signify how good of a deal it is (the higher the score, the better the deal and vice versa). Needless to say, we have a good sense of where the rental market is at any point in time.
While we’re accomplishing this using tons of data and really complex algorithms (stay tuned for a future post on this), our goal is to keep things simple and to be as helpful as we can to us renters out here. With this in mind, we’ve put together a short list of some of the Top Apartment Deals throughout Austin for the week. Like you, we hate things like spam, or fake listings, so know that as of January 26th, 2015, these were all available and for the taking. Have at it, ya’ll!
Austin’s traffic is amongst the worst in the United States, even beating out San Francisco & New York City for the number 2 spot in 2013. As a result, living downtown in the thick of the social and professional mix of things offers huge advantages. Our top pick for the best deal in downtown Austin is located at Gables Park Plaza’s 1 Bedroom, 1 Bath, A3A unit going for $1,730.
Why This Deal Wins
As for why this is a such a strong deal, there’s a ton of new construction in this area. For example, this building is directly in front of the Gables Park Tower building, which was finished last year. Naturally, these command a premium because they’re brand new (limited wear-n-tear) and are built with the most in-demand amenities. As such, it follows that there are good deals to be had in the not-so-brand-spanking-new buildings in the area like this one.
In addition to Kwelia’s positive rating (72/100), Gables Park Plaza offers a tremendous location in the heart of Austin with efficient floor plans that help maximize the interior space. If there is a knock on the unit, it’s proximate to the train tracks that sit behind the building. However, once compared to other similar floor plans in neighboring complexes, the price/layout/location mix can’t be beat. This is a deal that certainly won’t be on the market for long.
South Lamar – Recent Construction
For those who prefer to be away from the hustle-and-bustle of downtown, there is great opportunity just south in what’s called the South Lamar area. In a lot of ways, this is the best of both worlds given its close proximity to the SoCo and South 1st districts, lower density, and access to downtown. Our top pick for the best deal here is at The Hamilton. Known for its scenic location, The Hamilton has a 1 bedroom, 1 bath, 800 square foot apartment for rent priced at $1,010 per month. Amenities include elevators and granite countertops, resulting in a Kwelia Health Score of 77/100.
Why This Deal Wins
To understand why this is a good deal, it’s necessary to compare it with some surrounding properties. Most around it have Kwelia Ratings lower than the 50s (in the 20s in some cases). According to our data-driven insights, we’ve determined that granite is a major driver of rent around here. While this can be interpreted in many ways, one obvious interpretation is that this area is dominated by older construction that doesn’t feature trendy amenities like granite. to put this in comparison, the surrounding properties rankings rank from 20 to 58 out of 100 and typically have less living space.
South Lamar – New Construction
As alluded to earlier, some of the best deals in town will be recently-constructed properties around a bunch of brand new construction. In a similar vein, there are good deals to be found in some off-peak (read: not in downtown) new construction properties. Often, these will be in lease-up mode (seeking initial tenants after property is built) and their management companies want them filled – ASAP. Some want them filled so badly they’ll offer specials to entice renters. As a case in point, our next deal is at the Cielo, which is again in South Lamar. Check out the 1 bedroom, 1 bath (A2 plan) located at Cielo. Now, although the sticker reads that these are $1435/mo, the price comes down to $1315 after the one-month-free special.
Why This Deal Wins
Cielo’s current offering stands out amongst the surrounding properties. Not only does Cielo offer a tremendous price per square foot within the area, but the luxury apartment is also equipped with granite countertops and on-site elevators. However, perhaps one of the biggest selling points is Cielo’s 1-month free incentive; this reduces the overall rent by 8% and further increases this apartment’s great value. As a result, Kwelia ranks Cielo’s apartment a cool 70/100.
Coming up next Week….
Next week we’ll be covering the north area of Austin, delivering you the best, most recent deals that hit our radar. If you’re interested in staying up-to-date on the best real-estate prices feel free to join our mailing list.
Interested in seeing how your rent stacks up to your neighbors or looking to move soon? Sign-in to Kwelia and get the dirt on whether you’re paying the best price possible!
Note: Kwelia continuously acquires new data on a daily basis, giving you the most up-to-date overview on current apartment prices. Due to Kwelia’s daily updates, some of the Kwelia Scores mentioned may have changed. To see the latest Kwelia Scores, please sign-in.”