REDEFINING SKYLINES
The Evolving Multifamily Scene in Greater Austin BY EMILY BLAIR, CAE, EXECUTIVE VICE PRESIDENT
W
hen the Austin Apartment Association was founded in 1964, the City of Austin’s population was just over 200,000, rent was less than $100 per month, and the city was amid a transformation from a small town to an urbanized city. The city, synonymous with live music, tech giants, culture, and a beautiful environment, has seen a dramatic transformation over the decades. Right along with this growth, the Austin Apartment Association formed, and the multifamily landscape changed as Austin underwent this remarkable metamorphosis as a laid-back college town to a busy metropolis. From mid-century to contemporary, two-lane farm to market roads to Mopac plus an express lane, from a quaint retail downtown to a commercial and business services and sizable downtown population. So, let us rewind the clock 60 years, back to 1964, and embark on a journey through Austin’s multifamily past, present, and future.
By the Decades By 1966 the Austin Apartment Association had set itself up as a nonprofit 501c6 corporation formed to associate apartment owners, builders, managers, and other interested individuals in the City of Austin. The Austin housing scene was largely characterized by charming single-story bungalows lining leafy streets. In the 60’s and 70’s the association membership was predominantly small and medium sized apartment complexes and much residential rental housing. Just over half of the apartment owners were affiliated with the Association. Over time, AAA grew its share of the market.
AAA surpasses the 200-members mark in 1974. The education sector during this time drove a sizable part of the Austin economy and has now evolved into the information and technology sectors driving the economy. This influx of young
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professionals from UT, IBM and Texas Instruments fueled the demand for housing, including multifamily housing. The apartment industry then progressed from smaller communities to larger garden-style complexes with amenities such as swimming pools and fitness facilities as well as on-site staff. Also transforming was the professionalism of the industry, with a more corporate environment, rather than small mom-and-pop operations. In the 1970’s, as the city expanded, there were changes in the character of neighborhoods which influenced changes in zoning and land use policies that were solidified in the early 80’s. As one could imagine, these changes had an influence on the overall landscape of multifamily housing development. Along with a technology boom, Austin’s “original tower boom also took place in the 1980s, with at least 12 different buildings over 15 stories tall completed downtown over the course of the decade.” 1 These sleek, high-rise structures offered stunning views and upscale amenities, attracting young professionals and retirees seeking a stylish downtown lifestyle. The latter part of the 1980s saw an economic downturn that
