Invest In Apartment Buildings In Round Rock, TX

Where Round Rock's Renters Come From

Round Rock has 21,631 renter households, 44.5% of all households, a higher share than the Texas figure of 37.4% (U.S. Census ACS 2020–2024). Median gross rent is $1,763 a month, up 34.0% from $1,316 in the 2015–2019 survey and well above the state median of $1,403. Median household income is $99,287, up 20.1%. The Census shows renter households up 38.9% over five years while population rose only 2.7%, to 127,786. That gap looks odd, and part of it may be sampling noise, since ACS estimates for a city this size carry a margin of error. The direction fits what builders delivered, though: a lot of new apartments filled with new renter households.

Dell Technologies is the anchor. The company moved its headquarters to Round Rock in 1993, and the city's own history puts local employment at 12,000 by 2023. In 2024 the city extended Dell's original economic development agreement through 2099. The Real Deal reported in September 2025 that Dell planned a $25 million expansion of its roughly 900,000-square-foot campus at 1 Dell Way over five years, though it also noted Dell had cut about 10% of its global workforce in each of the prior two years. TECO-Westinghouse and Toppan Photomasks keep global headquarters in the city, and Kalahari Resorts and Conventions was projected to add at least 700 jobs.

Education and health care add a second base on the northeast side, where Texas State University's Round Rock campus, Austin Community College and the Texas A&M Health Science Center sit near the Avery Centre development. For owners, that mix means a renter pool of salaried tech and health care workers who can afford Round Rock's higher rents, with Dell's headcount as the biggest single swing factor.

New Supply And Rents In Round Rock

Round Rock is working through one of the heaviest building waves in the Austin area. RealPage counted 3,249 units completed in the Round Rock/Georgetown submarket in the year ending in the third quarter of 2025, second only to East Austin among the metro's 16 submarkets. Effective asking rents there fell 10.5% in the year ending October 2025, the second-steepest drop in the metro. Demand held up, and absorption in Round Rock/Georgetown was among the strongest in the region. Concessions were still heavy across Austin in mid-2026: RealPage data reported by CRE Daily showed 37.0% of stabilized units offering a discount in June 2026, averaging 15.6%.

The Census picture matches. Round Rock has 14,211 homes in buildings with five or more units, 27.8% of its housing, up 29.1% in five years, and the median home was built in 2002. Recent examples include ZOM Living's 359-unit Azola Avery Centre on the east side of A.W. Grimes Boulevard, completed in June 2025. The Census rental vacancy rate is 4.2%, but that figure averages 2020 to 2024 and covers all rentals, including houses, so it runs well below the vacancy a broker would report for newer managed communities in lease-up.

Relief is scheduled. RealPage expected Austin metro completions to fall to 10,313 units in 2026, about 3% inventory growth, after roughly 20,898 units in the year ending in the third quarter of 2025. HUD's fiscal 2027 two-bedroom fair market rent for the Austin-Round Rock-San Marcos area is $1,817, slightly above the city's Census median. For apartment syndications in Round Rock, the near-term question is how long concessions last as the pipeline thins. Buyers should underwrite effective rents net of free months, not asking rents, and compare older stock with the discounts on new lease-ups nearby.

Round Rock Areas We Watch

Round Rock's rental demand follows Dell, Interstate 35 and the growing education and medical cluster on the northeast side.

Where Round Rock Stands Among Its Peers

We track 133 Texas cities. Round Rock places 43rd for median gross rent, 39th for renter share and 59th for five-year rent growth. Its rents fall in the middle of the pack. Compared with the 2015–2019 survey, Round Rock now has about 3,352 more residents, 6,058 more renter households and 3,203 more homes in buildings with 5 or more units. Renter households grew by about 1.9 for every new home in a larger apartment building. Not every renter lives in an apartment, but demand has clearly kept ahead of new multifamily supply.

Round Rock Compared With Williamson County

Round Rock's median gross rent of $1,763 is above the Texas median of $1,403, and its renter share is 44.5% compared with 37.4% statewide.

Rent Versus Income In Round Rock

At $1,763 a month, the median Round Rock rent adds up to $21,156 a year, or roughly 21.3% of what the median household earns. Under the common 30% guideline, a household needs about $70,500 a year to cover that rent comfortably. That's close to the Texas figure of 21.5%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

In dollars, Round Rock rent climbed $447 a month over five years and household income climbed $16,617 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,817, is 3.1% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Quick Facts: Round Rock Rental Market

These are the core numbers for Round Rock, TX, each from the Census Bureau's American Community Survey.

• Round Rock, TX has 127,786 residents, up 2.7% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Round Rock, TX is $99,287, up 20.1% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Round Rock, TX is $1,763 a month, up 34% over five years (U.S. Census ACS 2020–2024).
• 44.5% of households in Round Rock, TX rent, about 21,631 renter households (U.S. Census ACS 2020–2024).
• 27.8% of homes in Round Rock, TX are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Round Rock, TX is 4.2%, and 50.8% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Round Rock, TX was built in 2002 (U.S. Census ACS 2020–2024).

What We Look For In A Round Rock Apartment Building

In Round Rock we focus on apartment buildings with 5 or more units. Some are stabilized and well run. Others have below-market rents or deferred maintenance that a better operator can fix. Either way, the deal has to make sense on current numbers.

Texas has no state income tax on wages, and property taxes are often one of the largest expenses for apartment owners. We estimate the tax bill as it will be after the purchase, because a sale can trigger a reassessment in many places. Texas has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Texas reflect hurricane and flood exposure and hail and wind damage, so we get a quote before we make an offer.

After a stretch of fast rent growth, we keep rent assumptions modest and leave room for concessions if new supply opens nearby.

Questions To Ask About An Apartment Syndication In Round Rock

Before you invest in an apartment syndication in Round Rock, with us or anyone else, the local data points to a few questions worth asking.

• What vacancy does the plan assume? Rental vacancy in Round Rock is 4.2%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 34% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• How big is the repair reserve? The median home in Round Rock was built in 2002, and even newer buildings need money set aside for roofs, HVAC and appliances.
• How will the building compete with new supply? Homes in 5+ unit buildings in Round Rock rose 29.1% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Round Rock Apartment Syndication Works

A syndication splits the work from the capital. As general partner, Skyline sources and buys the building, sets the business plan and runs it with a property manager. Limited partners invest money, own part of the property and receive reports, but they don't manage anything day to day.

Expect your money to be tied up for years, with no easy way to sell your share early, and remember that any investment can lose money. Most deals are open only to accredited investors under Rule 506(b) or 506(c). See investing with Skyline Capital for how we work with limited partners.

Getting Started

The first step is the investor network. It's free, and it's how we share market notes and get to know investors. If we buy in Round Rock or elsewhere and you're eligible, we'll reach out privately with the details.