At least 1,000 luxury apartments are now determining the nature of the Austin market as they now establishing new highs for rent rates. For example, the Northshore, the Millennium Rainey Street and 422 at the Lake – which are now on the final stages of construction – reported a high $2,983 per month rent for a one-bedroom apartment on the building’s 27th floor. Even the smallest bedroom in the lower floors which is around 504 square feet is around $1,828 per month. The Millennium and 422 at the Lake also has the same rates, but a little lower than the Northshore prices. More apartments are still being constructed around Austin in order to provide affordable rent for millennial residents.
Read more about this here: Austin apartments hit market — see where and how much