Are small efficiency dwelling units the next wave for urban dwellers in Austin's infill development? : Exploring the development feasibility for small efficiency dwelling units in Austin's TODs
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The following report details research and analysis in order to assess the background market and market-based feasibility of the development of efficiency apartment units in the central Austin Area. It explores the potential and opportunities of reducing the size of apartments and promoting efficiency apartment unit development as a strategy to improve housing affordability for the Generation Y (Gen Y) population while taking advantage of urban redevelopment investments near Austin’s main TODs. The body of this study will discuss: (1) Generation Y and its impact on Austin’s housing market; (2) concepts and facts related to housing affordability; (3) strategies used by the city of Austin to promote infill development and existing transit oriented development sites; and (4) an overview of key housing development strategies and the real estate development process, including market analysis and absorption forecast under current housing market conditions. The study evaluates the implications of a significant demand for less expensive and smaller alternative housing products for a growing population group near downtown Austin. This report may contributes to the policy discussion about different approaches to housing affordability and offers an assessment guide for new housing development opportunities for a diverse range of city residents.