Downtown Austin's Rainey Street has another huge project headed its way – a 51-story condo tower planned at 44 East Avenue next to the Windsor on the Lake apartment tower.

Rent for Austin apartments has hit a record high. Job growth has gained momentum, leasing has picked up steam and the Central Texas apartment market is once again on the rise, with rents hitting an all-time high in June of $1,278 a month, the latest figures show.