Area corridors budding with multifamily growth

||Area corridors budding with multifamily growth

Experts: development ‘far behind’ demand for rentals in Central Austin

The housing market in Central Austin is seeing an upswing in multifamily and mixed-use multifamily projects as developers respond to a demand for more centrally located units suited for younger tenants and families.

Charles Heimsath of Capital Market Research—a firm that specializes in real estate research, land development economics and market analysis—said the commercial zoning lining the main roads into downtown Austin has allowed for the height necessary to build the projects, and high occupancy rates have encouraged new project development. Commercial zoning allows for building up to 60 feet in height, more than sufficient for a mid-rise apartment building, Heimsath said.

“With that zoning in place already and some positive demographic growth within the area and proximity to downtown, which has higher rental rates, the corridors that are leading in and out of downtown are becoming increasingly desirable for multifamily development,” he said.

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Excerpt from “Area corridors budding with multifamily growth” published on September 27th, 2012 on the Community Impact

2012-09-27T14:08:45+00:00 Industry News|