Much of the historic homes have been renovated into bars and restaurants, many of which feature large porches and outdoor yards for patrons.

[5] In 1985, amid fears of high-density commercial and residential redevelopment, the neighborhood was added to the National Register of Historic Places.

New developments nearby, including multiple high-rise condominium buildings and Austin's new Mexican-American Cultural Center, have contributed greatly to an increase in higher land values.

Deliberations are underway within the city government to develop a long-term plan for the area that allows redevelopment while preserving the street's historic and residential character.

On the Texas-themed TV series King of the Hill, the main characters live on "Rainey Street" in the fictional Arlen, Texas.