Q. Why are there no addresses listed in your ads?
A. In order to receive credit for leasing the property, we have to show you the property. In order to give you the most choices, we work all open listings, not just ours.(we work with well over 95% of the complexes in town) In some cases, we can meet you at the property to make it easy on you. Or in some situations (like a long distance, sight unseen rental) , register you ahead of time, so we would not have to be there, but we have to arrange this before you look at the property.
A. Can you send me a list of apartments in Austin?
Unfortunately there is no such thing as a true updated list of available Austin apartment rentals. There are hundreds of rental management and private owners in town, without an MLS type system. Which is why we exist - because it is .a overwhelming task to do it yourself. Therefore we have no correlated list available that we can send you. You can always check our website for an updated selection (but it only lists a small percentage of what available apartments in Austin we have) . Anyone who says they have a list of apartments actually has a limited database of the units - the ones that will work with them on a smaller commission when they "send" you to apartments on that list, without checking availability - MOST OF WHICH DO NOT HAVE AVAILABILITY OF UNITS MEETING YOUR CRITERIA.
The main reason a list wouldn't help you is that it doesn't show what is available! Availability of units for a particular price, area, etc. literally change daily. Our job is to do the legwork for you, and find the best ones available using your criteria so you can pick from the top ones. Otherwise, you might as well use the yellow pages as a "list". We are full service real estate agents, like Realtors
We can advise you on all aspects of your search, and find those "hard to find" properties that have:
- Unique Floorplans - roommate plans, extra closet space,
- Particular amenities - Gas cooking, condo specs, garages
- Unique Units or exteriors - lofts, townhouses, yards, duplexes
- Short Term leases (and the ones with the smallest upcharges)
- Move-in Specials - $0 move-in , 1,2,3, even 4 months Free
- New Luxury properties, gated, energy efficient
- Big dog pet friendly communities including breed specific policies
- Pre-leases and waiting lists
- Bus lines, estimated commuting times, maps
- Special issues - damaged credit
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At any time, consumers can receive a free credit report yearly from each of the three credit reporting agencies. The web site is : www.annualcreditreport.com or call toll free (877) 322-8228
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Austin Apartments
Beware of misleading Craigslist ads
A recurring Craigslist ad continues to promise great deals on Austin apartments. Every month, more people fall victim.
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JOB GROWTH TO FUEL DEMAND FOR AUSTIN APARTMENT RENTALS
February, 2010
The Capital City's robust employment growth is expected to resume in the coming months, attracting job seekers from areas hit hard by the recession, according to the 2010 National Apartment Report by Marcus & Millichap.
A recovery in the global economy will be particularly beneficial for firms, as technology sales in emerging markets will revive the local manufacturing sector, which has declined by 15 percent since peaking in 2007.
Following are some of the most significant aspects of the Austin Apartment Research Report:
- Job growth is expected to gain steam this year. Companies are forecast to expand local payrolls at a 2.5 percent clip with the addition of 19,000 positions.
- A sharp reduction in multifamily development activity is expected in 2010 as 2,500 units come online. Last year, 7,900 apartments were delivered.
- Population gains and job growth will fuel a 2.1 percent increase in multifamily demand this year, resulting in a 40 basis point improvement in vacancy to 10.6 percent.
- Asking rents are forecast to rise 0.6 percent in 2010 to $849 per month while effective rents retreat 0.7 percent to $752 per month.
(Marcus & Millichap)
2010 REVIEW OF AUSTIN APARTMENTS
- Occupancy Increased Minimally Year-Over Year
- Fundamentals are Strong and Jobs Continue to Increase
Not surprisingly, August is a big month for the multifamily industry in the metro area. With all the new leases for incoming students, we usually see impressive numbers for that month. And 2009 followed that pattern as well. After all the new leases in late summer we normally see a slow but steady fall off in occupancy through the fourth quarter. 2009 broke from that pattern, however. In a recession as deep and widespread as this one has been any good news is as refreshing as it is surprising!
The Overall Austin apartments occupancy Rate finished 2009 at 89.1%, up 0.1% for the year. As late as May of last year, that figure had fallen to 86.9%, but rose as much as 2.5 percentage points by November, before it fell slightly at the end of the year. Rents, however, did not follow this trend.
*Note: as of August, 2010 Occupancy rates have increased to over 94% causing rents to rise all year.
As recently as the beginning of last year, the Capitol City was not known as a concession-prone market. At that time, only about one in four properties offered an advertised concession, and that averaged only about 2.5 weeks free on a 12-month lease. Today, 54.6% offer concessions and they now average over 4 weeks free.
Only 2500 new units were added in the area over the last year. Lease up rates have been fairly strong. This signifies a pretty healthy ability to absorb this new product.
Unlike most places around the country, we have been experiencing job growth throughout this past year. At the beginning of the year,
there were 827,573 people employed in the area; by November, that figure had climbed to 843,093. The Unemployment Rate rose from
5.2% to 6.9% because of more people looking for jobs, but job growth still occurred in 8 out of the 11 months (through November, the latest figures available from the U.S. Bureau of Labor Statistics).
There are more new units still in the pipeline as well as new projects being announced with expectations to begin construction early this year. Austin, however, is not experiencing the overbuilt conditions seen in many other Texas markets, so we should be able to handle these as they come on board. With the job market looking better, the fact that Austin never got hit too hard with this recession and that the fundamentals are in better shape here than in most places, the multifamily industry of apartments in Austin should look forward to a good year ahead.
Austin Market
OCCUPANCY CHANGE EFFECTIVE RENT
Jul-09 Jul-10 % Jul-09 Jul-10 %
Austin 87.5% 90.9% 3.8% $813 $811 -0.3%
General Overview (as of December 2009) Dec 2009 Annual Change
Occupancy: 89.1 0%
Units Added: 4,520 - 48.5%
Units Absorbed (Annual): 4,039 +110.6%
Average Size (SF): 849 +0.5%
Asking Rent: $826 -4.3%
Asking Rent per SF: $0.97 -4.8%
Effective Rent: $788 -4.7%
Effective Rent per SF: $0.93 -5.2%
% Offering Concessions: 55% +12.4%
Ave. Concession Package: 7.7% +10.6%
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Austin apartment market for high-end, downtown units will stay healthy.
Stuart predicts properties like Riata and the upscale apartments in Austin like at the Domain in North Austin and in the downtown market are "going to do very well." Also, rising gas prices "bode very well for the downtown market and for properties that are clustered in around a lot of the jobs, like the Arboretum,"
But Willett still contends that the Austin metro area, which "ranked as the star apartment market performer in Texas over the past few years ... is losing its luster." He thinks the market will bottom out by the end of 2009 before occupancy begins ticking back up.
*NOTE: Due to the area job increase and the lack of new Austin apartment construction, occupancy rates have been climing since the beginning of 2010, causing shortages of certain types of apartments and driving rents up.
Historical Data on Renting in Central Texas
Rents are for 2-bedroom, 2-bath units. Occupancy rates
are for all apartments.
Date Average rent Occupancy rate
June 2000 $913 98%
June 2001 $951 93%
June 2002 $868 90%
June 2003 $812 88%
June 2004 $784 89%
June 2005 $811 93%
June 2006 $861 95%
June 2007 $900 93%
June 2008 $905 92%
Feb 2009 $870 88%
March 2009 $824 87%
Sept 2009 $820 87%
March 2010 $850 91%
August 2010 $874 94%
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Crescent jumps at chance to add apartments in Austin
The company behind two master-planned communities north of Austin and a high-profile condo tower slated for the edge of downtown has plans for an upscale apartment project in one of the city's hottest areas.
Crescent Resources LLC is under contract to purchase a nearly Seven-acre tract on Stonelake Boulevard near the Arboretum shopping center. Plans call for a four-story apartment building of 280 to 300 units surrounding a structured parking garage in a dense format. The property will use green building standards and seek LEED certification, but the amenities and specific design elements are uncertain at this point.
High-end living has already established a foothold in the area. Less than a mile from the Stonelake site, the Residences at the Domain opened in late February 2008 and is doing well. The 390 muntifamily units are part of the 700,000-sf, mixed-use lifestyle center at MoPac Expressway & Braker Lane. Carmen Lynch, property manager for the Residences, says the complex is already four months ahead of schedule in meeting its occupancy goals and is on target to be 96 percent full this spring. Rents for Austin apartments at The Domain range from $825 to $2,450/mo.
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MUELLER MULTIFAMILY DEVELOPMENT
AUSTIN – Construction on new apartments in Austin is continuing on the Mosaic at Mueller, the first multifamily development at the former Robert Mueller Municipal Airport. Mosaic at Mueller is a $45 million, 440,000-square-foot complex with 442 apartment units. It is being developed by Simmons Vedder & Co. in partnership with Dallas-based Crow Holdings Realty Partners
The 4 story Mosaic at Mueller includes 1, 2 and 3-bedroom units ranging from 580 to 1,750 square feet. Monthly rents will range from $850 to $2,500, with 10% of the units available to low-income renters. Facilities will include swimming pools, a clubroom, business center and a fitness center
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Crestview Station moves forward
Multifamily component offers 300 live-work units and loft-style Austin apartments
Plans are on to turn a former North Austin industrial site into the $200 million Crestview Station, which will be one of Austin's biggest transit-oriented developments. A commuter rail station is planned for Lamar and Airport boulevards The project, which is bordered on one side by the Capital Metro commuter rail line, is designed as a community where people live, work and shop without having to drive.
High Street Residential, a Trammell Crow subsidiary, will build the multifamily component. The mix will include live-work units and loft-style Austin apartments. This projects adds 300 apartments in Austin and 60,000 square feet of retail.
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5th Street Commons
Gables Residential Inc.& Direct Development have developed 5th Street Commons, a mixed use project with 38000 sf of retail and restaurants & 138 residences to 5th Street between West Lynn and Campbell streets.
The 4 story, $28 million development features luxury Austin apartment rentals on top of a neighborhood retail project. At least 15,000 sf will be dedicated to restaurants, including Pok-e-Jo's BBQ and Mean Eyed Cat. Both currently reside on the project site.
The site will also have a 200 parking space parking lot for retail customers and a multi-level garage for tenants.
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