Select Austin Real Estate is a full service real estate brokerage. Not only can we help with sale transactions, we can also help with apartment rentals. Our service includes:
â€˘ Discussion of apartment rates and amenities by area & property
â€˘ Identification of potential apartments that meet your criteria
â€˘ Showing you apartments and arranging for viewings of actual units
â€˘ Identifying & providing the necessary paperwork and criteria for application and approval
â€˘ Communicating and arranging of key items up to and beyond move-in day
Austin apartment occupancy rates continue to be on the rise!
In 2003, the apartment occupancy rate was just over 89%. It climbed as high as nearly 97% in 2007 before dropping back under 90% when gluts of units were added in 2009.
However, due to the number of folks immigrating to Austin, as of early 2012 we are again in excess of 96% and this is projected to continue tightening through 2012 after 50,000 people moved to the area in 2010; and a projected 100,000+ in both 2011 and 2012. This city is growing!
Due to the shortage of rental units and the continued in-flow of people, rents have been on the rise and are expected to continue in that direction.
Rental rates depend on a variety of considerations:
â€˘ Location of the property (closer to downtown normally demands a higher price)
â€˘ The unitâ€™s condition, and
â€˘ Apartment availability
In general, for reasonable properties, 1 bedroom / 1 bath apartment units will generally start from the higher $700â€™s and 2 bedroom / 2 bath apartments from the higher $800â€™s. â€śCloser inâ€ť / Newer properties will go much higher (maybe starting closer to $1,000). One may find a few lower price units but location and quality will be less desirable. Please contact us if you need more information or assistance in identifying possible apartments in a particular area.
Most apartment communities require:
â€˘ That your gross monthly income be three to four times the monthly rent.
â€˘ May accept Letters of Guaranty for students and tenants who do not meet the monthly income requirements.
â€˘ Will run background/credit checks on every applicant over 18 years of age
â€˘ Probably require 1-2 years of verifiable rental history
For those people relocating to Austin the above may be waived by some apartment units if you show that you have money in an account to cover the full cost of the rental period. Per person application fees can range from $35 to over $100 and will almost certainly be required. These fees are non refundable.
Short term (3 month) leases may be available but as demand increases and property availability declines, these will undoubtedly become more difficult to find and command higher rates.
Deposits have also seen increases in the past few years and vary from complex to complex. Deposits may range from $400-$500 for a one bedroom unit to $1000 or more for a three bedroom.
A rule of thumb when applying for apartments is to have two months of rent ready to cover your deposit, application fees & first monthâ€™s rent.
Pet deposits of $200-$500 are likely, some of which may be refundable.
Not all apartments accept pets but a lot do. Each apartment complex has its own guidelines when accepting pets.
Many apartments will accept pets, but may limit the number of pets, and/or have size / breed restrictions.
The more expensive the apartment, the greater the number of features/amenities the property will likely have. Amenities may include:
â€˘ Laundry facilities
â€˘ Swimming pools / spas
â€˘ Exercise facilities
â€˘ Business centers
â€˘ Social clubs / activities
â€˘ Security entrances with cameras and gated communities
â€˘ Garages / covered parking
What should I bring when applying for an apartment?
â€˘ All properties will require identification. For most people that's a driver license or picture ID. Social Security number will also be required.
â€˘ If you decide to lease, you will need your checkbook or a money order to hold the unit. No property will accept cash / very few take credit cards.
â€˘ Most properties ask for 3 paycheck stubs. If you are paid in cash, a verifiable letter from your company may suffice.
If you have any questions about apartments in the Austin area or need help finding & applying to a suitable apartment, please feel free to contact us.