The Austin rental / leasing market is EXCEPTIONALLY hot due to the number of people that continue to move to Austin and fewer properties available for lease.
â€¢ Availability of Apartments and rental properties (including homes, condos, townhomes, duplexes, etc) are down significantly over the last couple of years. At the end of 2011 Apartments were in excess of 96% full across the five county area.
â€¢ Rent prices were up 7% or so in 2011 and projected to have possibly double digit increases again in 2012.
â€¢ Experts estimate less than 2000 apartment units being added in 2012, a fraction of what is needed.
â€¢ Experts estimate 44,000 NEW JOBS in the Austin area in 2011 and 2012.
â€¢ Experts estimate 125,000 NEW PEOPLE moving to the Austin area in 2011 and 2012.
â€¢ As the available inventory goes down the average rental price generally rises.
â€¢ The quality properties go very quickly so you need to be ready to view, complete an application and decide on your next home very rapidly.
Most landlords require:
â€¢ That your gross monthly income be three to four times the monthly rent.
â€¢ Will run background/credit checks on every applicant over 18 years of age
â€¢ Probably require 1-2 years of verifiable rental history
A few MAY accept Letters of Guaranty for students and tenants who do not meet the monthly income requirements.
Credit issues can be cause for rejection of an application or result in the landlord asking for a higher deposit.
Per person application fees can range from $35 to over $80 and will almost certainly be required. These fees are non refundable.
Short term (3 month) leases are EXTREMELY rare but are sometimes come up.
Deposits usually equal 60 - 100 % of one month's rent and are normally required at the time of application. Most landlords/property management companies require a money order or cashier's check to process an application.
Application fees are non-refundable. Deposits will be refunded if the application is not accepted.
Pet deposits of $200-$500 are likely, some of which may be refundable.
Not all landlords accept pets.
If they do each landlord will have their own guidelines when accepting pets. They may limit the type, number, size and breed of pets.
Carpets will probably be required to be cleaned when you vacate the property!
Generally, the tenant will be responsible for yard maintenance. Sometimes this may be included in the agreement and paid for by the landlord.
Not all properties include refrigerators, washers or dryers. Stoves, dishwashers and disposals are generally provided.
The tenant is usually responsible for all utilities.
Tenants are responsible for repairs that they, guests, friends or family cause. Depending on what is negotiated in the lease agreement, the landlord and/or the tenants may be responsible for all other repairs.
If you have any questions about rental homes in the Austin area or need help finding & applying to a suitable home, please feel free to contact us.