Real Estate
New apartments in Austin are smaller than national average
New apartments in the Austin area are getting smaller as other Texas cities, like Houston, Dallas and San Antonio, see their average square footage increase.
Why it matters: Apartment sizes are shrinking nationally, a reversal in the rental market that saw units get bigger during the early part of the work-from-home era.
Austin tops nationally for pet-owning renters
Illustration: Annelise Capossela/Axios
Austin is the most pet-friendly in the country for renters, per new research by real estate juggernaut Zillow.
The big picture: Pet ownership soared during the pandemic and the local real estate rental market remains pricey — so no one wants to resent their cat for preventing them from renting that perfect apartment.
I-35 plan could displace iconic Austin spots
The exterior of 24-hour diner Stars Cafe, which would be displaced under TxDOT's preferred plan to widen I-35. Photo: Courtesy of Stars Cafe
An iconic late-night diner, a health center specializing in the treatment of HIV and AIDS, a barbershop, a day care and dozens of other businesses are among those at risk of displacement under the plan to expand Interstate 35.
Why it matters: The Texas Department of Transportation's preferred I-35 expansion plan has left business owners in a state of limbo, wondering whether to move on or hold out until they're forced out.
Median home sale prices drop in Austin
The Austin area's housing market continued to cool in January, even as prices nationally slightly increased.
Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up, writes Axios' Brianna Crane.
Buying a home in Austin amid rising interest rates
Illustration: Gabriella Turrisi/Axios
Interest rates might be rising, but it's still a good time to buy a home in Austin.
Driving the news: The Federal Reserve slowed down its campaign of interest rate increases last week, raising its target interest rate a quarter percentage point after months of more aggressive steps, and signaled that more increases are ahead.
Hundreds of homes proposed on South Congress
A residential development proposal could transform a 2.84-acre section of South Congress Avenue, with 375 units planned near Live Oak Street.
Driving the news: The proposal by real estate development firm Intracorp would replace a senior living facility, two auto repair shops and surface parking on the east side of South Congress.
Axios interviews Rosalia Chiu about bill banning Chinese homebuyers
Photo Illustration: Lindsey Bailey/Axios. Photo: Courtesy of Rosalia Chiu
We caught up with Rosalia Chiu, who has worked as a real estate agent in the Austin market for 21 years, to ask her about proposed legislation that would bar Chinese nationals from buying property in Texas.
- Born in Hong Kong, she moved to Austin in 2002 after a career in consulting and project management in Taiwan and Silicon Valley. She lives in Leander and calls her realty job "retirement community service."
Austin rents are still high, for now
In the fourth quarter of 2022, the average asking rent in Austin was $1,585, up 8.6% from a year earlier, per economic research firm Moody's Analytics.
Why it matters: Affordability concerns are starting to weigh down the booming rental market.
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