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Where to rent: Top neighborhoods for apartments in Austin

The new Yuapon apartments are located in Oak Hill, the neighborhood that saw the most units built in the past five years. (Sonia Garcia/Austonia)

In a hot market, five Austin neighborhoods are booming with growth as apartment complexes sprout up.

The latest RENTCafé report shows the top neighborhoods contractors are targeting for new apartments. Unlike other cities that saw the most development in their downtown areas, Austin's top 10 are spread out across town; it makes up 47% of city construction.


(RENTCafe)


Here's a look at the top five spots worth looking at apartments in.

Oak Hill

Leading the pack, Southwest Austin's Oak Hill has seen the most units built in the past five years than any other part of town, making up 7% of the city total. The average rent in this area is $1,610.

While you'll have to deal with traffic congestion from the "Y," Oak Hill has some of the views and hills of West Austin with South Austin prices. With plazas housing local restaurants like Via 313 and a new H-E-B just opening, it's a part of town that is sure to keep growing.

Avery Ranch

Cornering Cedar Park and Round Rock, Avery Ranch has built 1,697 units in the past five years. The average rent in this area is $1,543. It's more than just a golf club—nearby parks make it spacious and it has loads of good dining options.

Harris Ridge

Located in North Austin, tech workers will be happy to know apartments are coming in hot in Harris Ridge—1,508 in the past five years. With quite the drive to downtown, rent is brought to a low average of $1,201.

West Campus

West Campus is one of the few centrally located Austin areas gaining more apartments. It only makes sense as this is the part of town for all things University of Texas. But even with growing housing, its proximity in the city and campus life brings this rent average up to $2,507.

Montopolis

In Southeast Austin, Montopolis might be extra appealing to Tesla workers at the new Gigafactory in southeast Travis County. In close proximity to the airport, this is a traveler's stomping ground, especially when rent is as low as $1,409.

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

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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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