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How much space is $1,500 worth? 9 Austin-area apartments on the market now

With some of the most expensive rent in the country, a $1,500 rent budget in Austin won’t get you nearly as far as if you settled down in the Midwest, the South or a smaller Texas city.

According to a RentCafe study comparing how much apartment space $1,500 will get you in the top 100 cities, Austinites can reasonably find a 753-square foot apartment within city limits. Austin ranked 71 on the list with major California cities, New York City and Miami coming in more expensive per square foot.

Venturing to suburbs like Georgetown, Round Rock or Kyle, square footage per dollar is a different story.

So how much apartment space will $1,500 or less get you within Austin city limits? Austonia gathered listings from apartment locators Smart City Locating to curate this list.

$1,179-1,469 | The Violet | 409 East William Cannon Dr.

A $1,500 budget will get you pretty far at The Violet, with much more square footage than the city-wide average, and even more if you have an extra $100 to spare. Though there are smaller and cheaper options at the complex, $1,469 per month will get you an 847-square foot two-bedroom, one-bathroom unrenovated apartment with in-unit laundry and walk-in closets. Just an extra $40 monthly bumps the unit up to two bathrooms.

$1,343-1,500 | Griffis Southpark | 8515 S I-35 Frontage Rd.

If you’re prepared to sign on for a 15-month lease in Southpark Meadows, Griffis Park can get you a studio or larger-than-average one-bedroom. The best option to get the most bang for your buck is the Zilker II floor plan, a one-bedroom and one-bathroom, 868-square foot apartment that you can secure for $1,497.

$1,352 | Flats on San Felipe | 7920 San Felipe Blvd.

Four floor plans fall into the budget at the McNeil-central Flats on San Felipe, ranging from studio to single bedroom options. No matter which you choose, you’ll come in below the city-wide square footage average from 432-646 square feet.

 $1,395 | Summit Hyde Park | 5200 N Lamar Blvd.

Coming in with the smallest area at 450 square feet, this one-bedroom, one-bathroom Hyde Park apartment is in a great location for the price. Signing for 15 months will get you the best price, several hundred dollars off per month. For an extra $28 monthly, a 645 square foot apartment enters the budget.

$1,185-1,400 | Monterey Ranch | 4701 Staggerbrush Rd.

A $1,500 budget will get you access to five floor plans at the Sunset Valley complex but the most floor space can be found in The Brodie Classic, with a modest 697 square feet. With one bedroom and one bathroom, the unit is pricier than some of its other counterparts but comes with in-unit laundry and a large balcony with outdoor storage.

$1,417 | Highline | 13201 Legendary Dr.

You won’t find an apartment for less than $1,500 at Highline but with one month free prorated across the whole year, you can live in either The Carnegie or The Chrylser floor plan. The McNeil-area apartments are on the small side, ranging from 668-750 square feet, but come with in-unit laundry and large balconies to enjoy.

$1,410-1,475 | Bell Southpark | 10300 S I-35 Frontage Rd.

This Southpark Meadows complex, located far south with easy access to I-35, has several floor plans that fit the budget. Ranging from 587-672 square feet, Bell Southpark’s apartments fall below the average size but if you’re willing to shell out an extra $35, you can land a unit at 768 square feet.

$1,445-1,475 | Agave South Congress | 625 E. Stassney Ln.

Located far on South Congress, Agave’s A1 and A2 units fit the budget and can get you the space you need. From 700-789 square feet, the one-bedroom, one-bathroom apartments fall right around the average, but an extra $70 monthly brings the space up to 898 square feet. Agave is currently offering $500 off the first month of rent!

$1,485 | Henley Riverside | 6107 E Riverside Dr.

Centrally located along East Riverside, Henley has only one floor plan that fits the budget and it’s one of the smallest on the list but closest to Central Austin. With one bedroom, one bathroom and in-unit laundry, the complex is currently offering $500 off the first month of rent at this 591 square foot apartment.


A mortgage banker walks us through the math on purchasing a 'mid-price' Austin home

So you want to buy a house?

To anyone trying to get on the "housing ladder," it's been a discouraging couple of years as prices skyrocketed in a market crowded with buyers bidding against each other for just about any available home.

Things may be calming down, with the Austin Board of REALTORS reporting fewer sales and more available homes this summer.

Mortgage rates have more than doubled in the last year, from around 3% to well over 6% on a 30-year fixed rate loan, getting even more of a bump this week after the Federal Reserve raised bank rates on Wednesday.

So how affordable are homes right now? That, of course, depends on what you want and how much you're able or willing to pay, but here are some rough estimates of what a typical buyer would pay to buy a $650,000 home, which would be considered "mid-price" in today's market.

Mortgage banker Chris Holland (NMLS 211033) of Austin's Sente Mortgage ran some numbers for Austonia to illustrate a typical purchase.

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