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The East Riverside corridor represents one of the most compelling multifamily stories in the Sun Belt — a submarket in the early innings of a decade-long transformation from aging garden apartments to a dense, transit-oriented urban district. The catalysts are stacked: Oracle's expanding waterfront campus (3,000+ jobs, capacity for 10,000), the $4 billion River Park master plan (4,709 units approved on 109 acres), the 1,100-unit East Riverside Gateway entering entitlement, and most critically, the Blue Line light rail receiving its FTA Record of Decision in January 2026 with construction beginning in 2027. Today's market offers a rare entry window. Average rents of $1,355/month are 10% below the metro average and less than half of downtown's $3,327, yet Riverside posts 94%+ stabilized occupancy — one of the strongest in the metro. Concessions of 4-10 weeks free are available on newer Class A product as the metro digests its historic supply wave, but the supply pipeline is collapsing: 2026 deliveries projected down 74% from 2025. The investment thesis is structural, not cyclical. Every major Riverside development — River Park, East Riverside Gateway, the proposed 180-ft tower at Lakeshore — is explicitly positioned at or near a future Blue Line rail station. The corridor's Equitable Transit-Oriented Development (ETOD) designation will increase density allowances and attract the institutional capital that follows transit infrastructure. Presidium (Dallas) and Partners Group (Switzerland) are already in with River Park; PlaceMKR is leading East Riverside Gateway. The smart money is arriving before the trains do.
Average rent: $1355/SF. Range: $807 - $4181/SF. YoY growth: -6%.
Vacancy rate: 13%. Trend: falling. Riverside is one of Austin's best-positioned multifamily submarkets — outperforming the metro at 94%+ stabilized occupancy while offering rents 10% below the metro average and well below downtown's $3,327. The East Riverside corridor is undergoing one of the most significant urban transformations in Austin's history: Oracle's expanding waterfront HQ, the $4B River Park master plan (4,709 units at full buildout), the 1,100-unit East Riverside Gateway, and the incoming Blue Line light rail (FTA Record of Decision issued January 2026, revenue service targeted 2029). These catalysts are converting a corridor of aging 1970s-80s garden apartments into a dense, transit-oriented urban district. Concessions of 4-10 weeks free are available on newer Class A product, but occupancy is tightening as demand outpaces supply for the first time since 2021.Net absorption: 20,300 SF.
Average cap rate: 5.6%. Range: 4.7% - 6.5%.
Under construction: 15,900 SF. Planned: 10,153 SF. Deliveries next 12 months: 10,153 SF.
Population: 2,607,298. Growth rate: 1.8%. Median household income: $93,658. Job growth: 1.4%.
Austin, TX
Avg Rent
$1355.00
/Unit-6.0% YoY
Vacancy
13.0%
Avg Cap Rate
5.6%
4.7–6.5%Net Absorption
20K SF
The East Riverside corridor represents one of the most compelling multifamily stories in the Sun Belt — a submarket in the early innings of a decade-long transformation from aging garden apartments to a dense, transit-oriented urban district. The catalysts are stacked: Oracle's expanding waterfront campus (3,000+ jobs, capacity for 10,000), the $4 billion River Park master plan (4,709 units approved on 109 acres), the 1,100-unit East Riverside Gateway entering entitlement, and most critically, the Blue Line light rail receiving its FTA Record of Decision in January 2026 with construction beginning in 2027.
Today's market offers a rare entry window. Average rents of $1,355/month are 10% below the metro average and less than half of downtown's $3,327, yet Riverside posts 94%+ stabilized occupancy — one of the strongest in the metro. Concessions of 4-10 weeks free are available on newer Class A product as the metro digests its historic supply wave, but the supply pipeline is collapsing: 2026 deliveries projected down 74% from 2025.
The investment thesis is structural, not cyclical. Every major Riverside development — River Park, East Riverside Gateway, the proposed 180-ft tower at Lakeshore — is explicitly positioned at or near a future Blue Line rail station. The corridor's Equitable Transit-Oriented Development (ETOD) designation will increase density allowances and attract the institutional capital that follows transit infrastructure. Presidium (Dallas) and Partners Group (Switzerland) are already in with River Park; PlaceMKR is leading East Riverside Gateway. The smart money is arriving before the trains do.
Average
$1355.00
/Unit
Low
$807.00
/Unit
High
$4181.00
/Unit
Vacancy Rate
13.0%
Net Absorption
20K SF
12 months (2025, metro-wide units)
Riverside is one of Austin's best-positioned multifamily submarkets — outperforming the metro at 94%+ stabilized occupancy while offering rents 10% below the metro average and well below downtown's $3,327. The East Riverside corridor is undergoing one of the most significant urban transformations in Austin's history: Oracle's expanding waterfront HQ, the $4B River Park master plan (4,709 units at full buildout), the 1,100-unit East Riverside Gateway, and the incoming Blue Line light rail (FTA Record of Decision issued January 2026, revenue service targeted 2029). These catalysts are converting a corridor of aging 1970s-80s garden apartments into a dense, transit-oriented urban district. Concessions of 4-10 weeks free are available on newer Class A product, but occupancy is tightening as demand outpaces supply for the first time since 2021.
Avg Cap Rate
5.6%
Cap Rate Range
4.7% – 6.5%
| Address | Price | $/SF | Cap Rate | Date | SF | Class |
|---|---|---|---|---|---|---|
| Rise 120, Georgetown | $47,500,000 | $171000 | — | 2026-01 | 277 | A |
| Wildcreek Apartments, 1511 Faro Dr | $46,000,000 | $198000 | — | 2025-08 | 232 | C |
| 3Waller, 710 E. 3rd St (near Rainey) | $55,000,000 | $212000 | — | 2024-05 | 259 | A |
Under Construction
16K SF
Planned
10K SF
Deliveries (12mo)
10K SF
River Park Phase 1
Presidium + Partners Group
$4B master plan on 109 acres. 4,709 units at full buildout. 65K SF music venue broke ground Sep 2025. Phase 1: 370 apts + 400K SF office.
East Riverside Gateway
PlaceMKR / Artesia Real Estate
22.5 acres at E Riverside & Hwy 71. 7 buildings, 1,100+ residential units, 2M+ SF office/retail. Adjacent to future Blue Line rail.
MESH Apartments Redevelopment
Investors Alliance
Town Lake Circle & Elmont Dr. Two mixed-use buildings, 120 ft / ~10 stories.
Alexan Riverside
Trammell Crow / Greystar
Luxury mid-rise. Studios to 2BR, $1,456-$4,181/mo. Lady Bird Lake views.
Riverside 180-ft Tower
TBD
E Riverside & Lakeshore Blvd. Would be Riverside's tallest residential tower, at future Blue Line stop.
$4B master plan on 109 acres east of Oracle HQ. Phase 1 underway: 370 apartments, 400K SF office, 12K SF retail. 65K SF music venue broke ground. Full buildout: 4,709 units over 10-20 years.
September 2025
FTA Record of Decision issued January 2026. 7.8-mile Phase 1 with 13 stations along E Riverside Drive connecting ABIA to downtown. Construction activities beginning 2027, revenue service targeted 2029.
January 2026
Expanding waterfront campus with 287K SF office addition + 255-room hotel. 3,000+ current employees, capacity for 10,000. Despite HQ shift to Nashville in 2024, Austin campus continues growing.
2025
22.5-acre mixed-use redevelopment at E Riverside & Hwy 71. 1,100+ residential units, 2M+ SF office/retail across 7 buildings. Adjacent to future Blue Line station.
Entitlement phase
Population
2.6M
Growth Rate
1.8%
Median Income
$94K
Job Growth
1.4%
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