Apartment Complexes a Fast-Growing Business in Southwest Austin
Apartment complex developers are focused on opportunities in Southwest Austin as more and more out-of-state transplants flock the area. As a result, apartment complexes have recently opened up (or are soon to open), providing millennials and young families the option to enjoy luxury living in new residential complexes. Among these luxury apartment projects are Ocotillo and The Santal, and AMLI Covered Bridge.
The choice of Southwest Austin's location for the boom on apartment complexes isn't surprising; thanks to its proximity to downtown, the multitude of large employers in the area, the influx of migrants moving to Austin to pursue career growth, and the progress happening in its surrounding areas make Southwest Austin an obvious choice for apartment complex developers looking into the most lucrative locations for their new projects. The infographic on the right summarizes how the appetite for apartments in Southwest Austin have evolved over the years.
While rentals are a temporary thing, they play a crucial role in developing the real estate market of Southwest Austin. Career beginners and millennials may only afford to rent apartmens as they start out, but the opportunity to live in Southwest Austin while building their careers enables them to eventually acquire real estate in the area. This pattern makes the demand for real estate in Austin very strong, driving the market to keep going in spite of slower growth in other cities in the U.S.
To learn more about why Southwest Austin's real estate market is quickly evolving, you can access the article from which this post was based here.