Austin, TX
Austin real estate market wrestling with excess supply of apartments
AUSTIN, Texas — New research shows that the state’s real estate markets are still feeling the effects of recent building booms, especially in the capital city.
That’s just one of the many factors driving markets that an outlook from the Texas Real Estate Research Center at Texas A&M University explained. Daniel Oney, the center’s research director, said that while Austin is only approximately 13% of the apartment market in Texas, they have 22% of those unleased apartments. He explained that a developer in Texas will typically start a new apartment every time there are two new households in a market, but now they have an oversupply.
“Austin, for a while there were four apartments for every household that showed up,” Oney says. “So they were, they were building apartments at eight times the historical rate.”
While the leasing cost of some places has gone down in recent years, some rents remain pretty high, but renters can continue to see some concessions such as free gym memberships and other move-in deals.
Oney highlighted that this trend is also depressing rental rates for some houses.
“Someone that may have the financial means to rent a nice home, may decide ‘I can rent this brand-new shiny apartment and get six months’ rent free, so maybe I’ll just rent the apartment for a while longer,’” explained Oney. “So we know that landlords of single-family homes are also having to not raise rates at a minimum.”
Based on the current leasing speeds in Austin, researchers like Oney estimate it would take approximately three years to absorb all the existing units if no new apartments were added to the market, but that timeline, of course, depends on job and population growth.
Austin, TX
Austin Pets Alive! activates emergency response to assist shelters affected by flooding
AUSTIN (KXAN) — As flood threats continue across parts of South Central Texas, Austin Pets Alive! has activated emergency response efforts to support animal shelters affected by the inclement weather.
In a social media post, APA! wrote, “We began offering aid last night, working to secure fosters for 10 dogs in the Castroville shelter, an open-air shelter that sits at the bottom of a valley.”
APA! said the situation escalated overnight with additional shelters reporting flooding. One shelter confirmed that floodwaters reached its facility, APA! added.
Communities overwhelmed due to weather include Uvalde, Castroville and Sabinal.
The nonprofit is asking the Austin community to foster, adopt or donate to free up capacity for animals displaced by the disaster. APA! needs to clear out its facilities to assist the animals in need of shelter.
Here are ways you can help:
- Adopt: APA! is offering a “Name Your Own Adoption Fee” on all animals.
- Foster: The shelter is seeking foster homes for a minimum of three weeks.
- Donate: Proceeds will fund vans and response teams setting up a staging and triage center at the heart of the disaster zone, along with an expanded stockpile of preventatives, PPE and additional supplies.
If you would like to donate, click here.
Austin, TX
Austin proposes more flood mitigation funding as heavy rains threaten Central Texas
AUSTIN, Texas — With heavy rain expected across parts of Central Texas this week and flooding top of mind, the city of Austin is proposing to put more money toward flood mitigation improvements in next year’s budget.
The proposal would invest in new flood infrastructure, add staff, and help move flood mitigation projects forward, according to city leaders. Austin City Councilmember Ryan Alter said the investments are aimed at keeping the city prepared for future flooding.
Residents who live near waterways say they have seen how quickly conditions can change. David Haderspeck, who lives near Shoal Creek, said the creek “fills up pretty fast” and “gets a lot higher than you’d expect.” He said he has watched the water rise dramatically after rain.
“I’ve seen it come up probably 10 to 15 feet to the ordinary high-water mark,” he said.
This week, parts of Central Texas, including the Hill Country, are expected to get heavy downpours. While Austin is not expecting the same impacts as parts of the Hill Country, leaders said the city is using this year’s budget planning to continue investing in flood safety.
Alter said the city has the expertise to address flooding risks but needs to follow through on projects.
ALSO| Central Texas urged to prepare as heavy rainfall sits in forecast over next two days
“We have the experts. We just have to put the plans into practice, and that’s what we’re doing in this budget,” he said.
Under the budget proposal, the city would provide about $134.5 million for the Drainage Utility Fund, which helps pay for flood mitigation, drainage infrastructure and watershed protection efforts.
Alter said the proposal would shift more of the funding balance toward building new infrastructure.
“What we’re going to do is shift that balance a little bit more to building new infrastructure so that when we do have large flooding events, we’ve got that infrastructure in place to keep people safe,” he said.
The proposal also adds staff and invests in both new and existing flood mitigation projects across the city.
Asked whether the proposed investments would be enough moving forward, Alter said, “I do…I think we’re doing the right thing and just making sure that our residents have the infrastructure to stay safe.”
Alter said heavy rain cannot be prevented, but the city’s goal is to have infrastructure in place to help keep people safe when it happens.
Austin, TX
Texas launches investigates LinkedIn over claims of “ghost jobs”
FILE – LinkedIn logos are displayed on an iPhone and computer screen. (Photo by Carl Court/Getty Images)
AUSTIN, Texas – The Texas Attorney General’s office has opened an investigation into LinkedIn over allegations that the professional networking platform misleads consumers with advertising and profiting from misleading or fake job listings, otherwise known as “ghost jobs.”
LinkedIn investigation
In this photo illustration a Linkedin logo seen displayed on a mobile phone. (Photo Illustration by Stanislav Kogiku/SOPA Images/LightRocket via Getty Images)
What we know:
Texas announced on Tuesday it has issued a Civil Investigative Demand (CID) seeking documents, data and internal communications related to LinkedIn’s advertising, marketing, job listing verification practices and its Premium subscription services.
The investigation centers on whether LinkedIn violated Texas’ consumer protection laws by promoting paid subscription services while allegedly failing to disclose that some job listings on the platform may not actually be representative of hiring opportunities.
What is a ‘ghost job’?
An image of a woman holding a cell phone in front of a LinkedIn logo displayed on a computer screen. On Tuesday, January 12, 2021, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto via Getty Images)
Dig deeper:
LinkedIn is owned by Microsoft and the world’s largest professional networking platform, with more than 1 billion registered users worldwide.
A “ghost job” generally refers to a position advertised online that either is no longer available or that an employer has no immediate intention of filling. The attorney general’s office cited independent studies estimating that ghost jobs account for between one-fifth and one-third of online job postings.
Texas AG targets Premium Subscription Fees
Photographer: Mark Felix/Bloomberg via Getty Images
What they’re saying:
According to the office of the attorney general, LinkedIn does not independently verify the hiring status of most job listings on its platform. Ken Paxton’s office alleges that the company’s marketing for its Premium subscription services does not disclose that a significant number of postings could be inactive, unfilled or not reflect genuine employment opportunity.
“I will use every resource available to my office to help job-seeking Texans find and secure real employment opportunities,” Paxton said in a statement. “LinkedIn has a duty to provide the services it advertises and ensure that consumers paying for Premium subscriptions are receiving access to legitimate job postings.”
Texas officials said LinkedIn’s Premium Career and Premium Business subscriptions cost about $39.99 and $69.99 per month, respectively, and are marketed to jobseekers looking to improve their employment prospects.
What’s next:
The investigation does not include any formal allegations of wrongdoing, and no lawsuit has been filed.
The Source: Information in this article was provided by the Texas Attorney General’s Office.
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