Would you live in a tiny apartment to save big on rent? A local company is building an apartment project in South Austin’s desirable 78704 ZIP code that will offer microunits priced at or below $1,000.
Most of the 46 apartments in the project, at 2001 S. First St. in the Bouldin Creek neighborhood, will measure 340 to 600 square feet, says Ross Wilson, president of the Austin/San Antonio division of Austin-based real estate developer PSW Real Estate.
With the small size comes a relatively small price. Wilson says PSW is aiming for rents in the $1,000-or-less range.
“Our target residents are Austinites who love the lifestyle that Bouldin Creek has to offer,” Wilson tells CultureMap, “but can no longer afford the rental rates of the small, historic Bouldin bungalows that until recently were the affordable mainstay in the neighborhood.”
Affordability continues to be a headache for apartment renters in Austin. Data compiled by the Business Insider website shows the median rent for a one-bedroom apartment is hovering around $1,350.
At the PSW project, renters might be giving up some space in exchange for lower rent, but they’ll be able to enjoy a key amenity: Most of the apartments will feature balconies with views of Bouldin Creek and South First Street. Each microunit will contain a kitchenette and a small dining area; some units even will have stowaway Murphy beds.
“Other than those, the city and the neighborhood will be our residents’ best amenity,” Wilson says. “Go for a run around Lady Bird Lake, take a dip in Barton Springs, or take the quick walk to South Congress for dinner and drinks with friends.”
Construction on the project — which will include about 2,500 square feet of ground-floor commercial and retail space — will kick off later this year, with completion set for mid-2021, according to Wilson. Leasing is scheduled to begin in early 2021.