Homeaway? :D?
If you stay away from needing to use the major highways, you should be fine. People were complaining about traffic in Austin, and I was all 'lol babies' for a long time because I never drove anywhere. Then I started driving a bit more, and realized that it was actually a little awful (relative to how it used to be).
I know a lot of grad students get apartments in the Far West area, but that might be a bit far south, depending on how far North Burnet you are talking about.
I've also had friends in some of the complexes along Metric Blvd, and those seemed nice enough and Metric has bike lanes (at least on the south half). IDK about price, those friends were terrible with money.