The average Austin rent is steadily increasing after a months-long pandemic slump, largely due to prospective homebuyers who have been exhausted by the frenzied local housing market and turned to apartments.
After a nine-month pandemic downturn, the average rent in the Austin metro began to creep up in December. It is now $1,442 a month, up from $1,278 in July 2020 and $1,311 in July 2019, according to the latest market report from AparrtmentData.com. The occupancy rate is 91.4%, up from 89.3% last year, and only 20% of units are rented with concessions, such as one-month-free specials and other discounts, compared to 26% in June and 44% this time last year.
"The housing market is taking what used to be residential homeowners who can't find homes now and turning them into apartment renters," ApartmentData.com Vice President of Sales and Development Cindi Reed said.
The median home price in the city of Austin reached an all-time high of $566,500 in May, increasing $142,450 year-over-year, according to the Austin Board of Realtors latest market report. Low supply, high demand, labor shortages and rising construction costs are all contributing to the rising sales prices.
Many prospective homebuyers are being priced out of the brutal housing—and turning to the rental market instead. Deanna Garza, a Realty Austin agent, said people relocating to Austin for jobs at companies such as Tesla and Apple may also wish to rent before buying. These trends have led to more competition. The average rent in the Austin metro is more expensive—and rising more rapidly—than in other big Texas cities, despite a brief pandemic slump that offered tenants rare relief in an increasingly expensive market, according to ApartmentData.com.
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East Austin restaurant la Barbecue has been robbed a third time in less than three months, according to a post on the restaurant's Instagram.
In the post, the restaurant included photos of what appeared to be a man exiting a minivan from surveillance footage.
"This guy pulled up in a car full of stuff… he ripped our gate open and stole a couple empty kegs," the post said. "The ring system scared him off so he did not venture back into the area. PLEASE EVERYONE ON THE EAST SIDE BE CAREFUL!!! This guy goes back into his car to grab something before he goes in. I am hoping he won’t be back!!"
The robbery comes as many restaurant and food truck owners have been on guard from recent break-ins. East Austin cheesesteak truck R&B's Steak and Fries has also been robbed three times in around three months, according to owner Kris Elliott. Elliot said the truck was last robbed around a month and a half ago.
"When the weather gets cold, it seems like these things start to happen more often," Elliott said. "We're just happy no one got hurt."
Additionally, he said all 5 of the food trucks in their lot have experienced burglaries. The landlord of the space is taking action by investing in alarm and camera systems. "Been very tough dealing with this problem as us small business owners are just trying to survive during the pandemic," Elliott said.
And it's not just in East Austin. North Austin restaurants Eldorado Cafe and Chez Zee Bistro were both broken into and robbed on the weekend of Jan. 8, while over a dozen food truck robberies and break-ins were reported in the latter half of 2021.
Some, like Chez Zee's Deborah Velasco, wonder if the understaffed Austin Police Department's decision to no longer respond to non-emergency calls is part of the problem. Xose Velasco, owner of East Austin's Discada, said owners are keeping their guard up in the wake of the robberies as he was robbed twice within a month of reopening in November 2021.
"We try to keep the lights on," Velasco said. "We're a little bit more careful."
After 12 months, the long-anticipated massive Tesla factory in Southeast Travis County is up and operating and everyone wants a look inside.
Phase 1 of Giga Texas appears to be tied up as production of the Model Y Tesla is underway, the electric car company revealed on Wednesday in its fourth-quarter earnings call. The factory, located on the former Harold Green-turned Tesla Road, sits on more than 2,000 acres of land in southeast Travis County.
Here's a glimpse inside the factory.
Model Ys will be the first Teslas to come out of Giga Texas with an estimated delivery of August. The wait estimate comes after Tesla noted supply chain issues have affected their factories, which have been running below capacity for several quarters. A deep blue metallic like this goes for $1,000 more than a white or silver Model Y, totaling $61,990.
Model Ys began being produced at Giga Texas at the end of 2020. In general assembly at the factory, the Teslas get their major interior components to finish the vehicle.
Workers at Austin's Gigafactory are attaching seats to a structural battery pack. It's been described by some as the biggest difference between Texas-made Model Y's and the current version at the Fremont, California factory. It shouldn't have a major impact on the owner's experience, but Tesla has updated instructions for the jacking procedure, as the lift points are different.
With a sleek, open office setup, workers can take in a view of the factory from their seats. It's a component CEO Elon Musk wanted for what is now the headquarters of Tesla.
On the Austin, Texas public location Snapchat, a photo of inside Giga Texas has appeared. On the left you can see a sneak peek of a Model Y body.pic.twitter.com/N7zliZ5vkL— Sawyer Merritt (@Sawyer Merritt) 1643081462
With Snapchat's maps, anyone can look at everyday activity happening at the factory. To view these geographically-linked stories, click the bottom left "map" icon and search "Tesla Giga Texas." Once you've found it, you can view the Snapchat story of those in and around the facility. While most stories stay up for only 24 hours, Giga Texas is a designated place on Snapchat, allowing users to view a collection of photos and videos from the inside.
Following Model Ys, Texas-made Teslas will include the Cybertruck, Semi and Model 3. But it might be a while before those other models arrive. EV makers have been hit hard by the chip shortage, and it's thought that changing features are contributing to Cybertruck delays as Tesla works to compete in the electric pickup market.
Joe Rogan paid a visit to buddy Elon Musk this week. The two have been seen around town since both moving to Texas. Naturally, Rogan was impressed with the prototype.
If you're dying to get a closer look at this factory, you just might get to. In December, Musk said the factory would have tours available to the community early this year.
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