All Forum Posts by: Neil Narayan

The rents are steadily increasing in Austin. If you look at the migration data, folks are still moving to Texas in droves. Some are choosing to defer their buying decision until rates are more favorable but they still have to live somewhere. I am averaging 1-2wks on lease out on most props so the rental market is pretty active IMO. 

Despite rent increases showing a small slowdown month-over-month, overall prices are still on the high side from the previous year. For example, the average rent for a two-bedroom apartment in Austin is $2,070 now, in March of 2023, which is a one percent increase from the previous month, but a nearly 10 percent increase from 2022 at 8.4 percent. The average rent for a one-bedroom is $1,670, which is a mere .60 percent increase month-over-month, but a whopping 7.7 percent increase from last year.

The report looked at rental data from more than one million active listings in the top 100 cities in the United States to determine the rankings. Zumper ranked Austin the No. 25 most expensive rental market across the nation in February of 2023, up two places from the last report.

https://austin.culturemap.com/...

IBM, which ranks No. 9 on ABJ's most recent list of largest employers in the region with a headcount of about 6,000, will need about 375,000 square feet

“We can see an opportunity to bring our systems team, our software team, our marketing teams — all teams that support IBM in the Austin city limits — together in one single team,”

https://www.bizjournals.com/au...

Elon Musk's Texas business empire continues to mushroom.

The latest expansion plans include a sprawling Travis County campus for brain-computer interface startup Neuralink Corp. and a potential lithium battery plant for Tesla Inc. near Corpus Christi.

Tesla could eventually develop a roughly $365 million battery-grade lithium hydroxide refining facility near Robstown, in Nueces County, according to the applications.

Neuralink has filed plans to construct eight buildings on 37 acres in the Del Valle area, according to the Austin-American Statesman.

https://www.bizjournals.com/au...

The size of what Elon Musk's Space Exploration Technologies Corp. plans in Bastrop County, east of Austin, is coming into focus — and it appears to be massive.

The company wants to construct a 521,521-square-foot "shell building," according to an Aug. 31 filing with the Texas Department of Licensing and Regulation. An estimated project cost of $43 million was given, along with an expected completion date of July 2023.

To put the size into perspective, it would be larger than the footprint of half-a-dozen typical H-E-B grocery stores.

https://www.bizjournals.com/au...

Texas added more jobs in June than any other state and Austin recorded the lowest unemployment rate among all Texas metro areas at an unadjusted 3.1%

“Texas leads the nation once again, creating more jobs and unmatched economic opportunities for Texans in a variety of critical industries,” Gov. Greg Abbott stated.

https://www.bizjournals.com/au...

That’s according to a new study from Hoyt Advisory Services and Eigen10 Advisors, which found that Austin was the No. 1 metro in the nation for apartment demand. The study was commissioned by the National Apartment Association and the National Multifamily Housing Council.


The Austin area will need more than 100,000 additional apartment units by 2035 to keep up with demand.


https://www.bizjournals.com/au...

Top metros for job growth

A review of the latest Bureau of Labor Statistics data shows only 12 of 389 metro areas posted a decline in job growth between May 2021 and May 2022.

The average metro recorded a 3% increase, and 38 metros had year-over-year job growth of at least 5%.

Illustrating the tourism industry’s continued recovery from the pandemic, Orlando, Las Vegas and Atlantic City, New Jersey, ranked among the top five metros for job growth.

Best states for job growth

All 50 states and Washington, D.C., experienced year-over-year job growth of at least 1%.

The Sun Belt once again led the way, with Nevada, Texas and Florida topping the list for percentage growth

https://www.bizjournals.com/au...

They are still hiring based on the job postings listed online. 

Less than a year after Tesla opened its factory just outside Austin, the maker of electric vehicles is already plotting an expansion.

A permit application filed June 29 with the City of Austin and approved July 1 shows Austin-based Tesla plans to build a two-floor, 500,000-square-foot space to enlarge its General Assembly 2 and General Assembly 3 operations. Currently, Tesla produces Model Y vehicles at the 2,500-acre site, which is along State Highway 130 near State Highway 71 East.

The 500,000-square-foot expansion, first reported by Tesla watcher Sawyer Merritt, would grow the size of the factory by more than 11 percent.

https://austin.culturemap.com/...