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Do you need to prelease an apartment in Austin to be
ready when you get here?
We are experienced in helping people do just that. We can advise you on the local apartment communities, neighborhoods, commute times, and even show you photos, floor plans, and 360 degree views. This way you can feel comfortable with your decision and secure in your move without an expensive house hunting trip.
Just ask us how.
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Notice:
Residential rental locators are required by law to be licensed by the Texas Real Estate Commission (P.O. Box 12188, Austin, Texas 78711-2188 1-800-250-8732 or 512-465-3960
Apartment Locators may advertise units in general terms, and all units may not have the same features. The amount of rent quoted may be the starting rent for a basic unit.
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BACK TO TOP 512.258.5200
1.888.217.5200
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Austin Apartments - FREE Austin Texas Apartment Locators
HomePlace Apartment Search & apt finders specialize in finding you the best Austin apartment rental for your needs, serving the entire metro area, including Round Rock, Cedar Park, Leander Lake Travis & Pflugerville. We have a full listing of rentals to choose from, including condos and townhouses for rent. Our free Austin TX apartment search & finder service will find your ideal apt by price, size, floor plan and special amenities. We can accommodate special requests like pet friendly rentals that allow large dogs or multiple pets. Visit our apartnent guide often for current specials on Asutin rentals. Search for Best Prices, ASAP Move Ins, $0 and $99 move in Specials, New Luxury Properties, specific Areas and locations, special amenities, Short-Term Leases, furnished apts, Senior Discounts, Major Employer discounts, Big Dog Friendly, cheap appartments and Pre-Leases.
Cedar Park TX & Round Rock Texas FREE apartment locator
Our Mission
“We are dedicated to delivering exemplary service while providing our customers with essential information and resources to make informed relocation decisions in choosing a quality apartment environment.”
Our mission is to be your full-service, one-stop source for finding the best rental at tremendous savings and making your next move simple and hassle-free. Our goal is to save you time, money, and frustration while providing the best possible service from HomePlace specialists.
SATISFACTION GUARANTEED
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 90% of the complexes in town) In some cases, we can meet you at the property to make it easy on you. Or in some rare situations, 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?
Unfortunately there is no such thing as a true updated list of available 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 rentals we have) . Anyone who says they have a list, actually has a limited database of the apartments - 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".
Free Credit Reports
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
Current News Articles
Austin apartment glut, rent cuts predicted- Others, however, say market -- especially for high-end, downtown units -- will stay healthy.
Friday, July 11, 2008
Too many apartments are being built across the Austin area, and that means some tenants can expect rent discounts & other concessions by year's end. According to apartment industry research firm M/PF Yield Star, which shows Austin's June, 2008 occupancy at 93.4 percent, off 1.5 points since March and 1.8 points from mid-2007.
Willett says occupancy is headed down and predicts rents will flatten this year, then decline 3 percent or more in 2009. "The market remains in decent shape for the moment but with so much additional product now under construction, it's pretty easy to see the headlights of that train bearing down on you."
Austin is on track to add 12,810 apartment units through the end of 2009, according to M/PF. That's the third biggest block of new supply on the way anywhere in the country, trailing only the 19,217 units under construction in Dallas/ Fort Worth and the 18,848 units under way in the Houston area. Willett said the Austin area needs about 1/2 as many units as are now under construction based on current demand, which he says has been sluggish. He said there are over 1,000 fewer occupied apartments now than at the start of this year. He predicts it will take two years for Austin to burn off its excess supply "if you stop building right now."
But Spencer Stuart, an executive with the developer building the 31-story Legacy on the Lake apartment tower on downtown's eastern edge, said leasing activity is strong in and near downtown, as well as areas closer in. "We're seeing strong demand in the urban cores of all the markets we're in," according to Stuart, senior managing director of Legacy Partners Residential Development Inc.
Stuart predicts properties like Riata and the upscale apartments 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," Stuart said. "If you can walk to your job, you can pay more for rent, and your lifestyle got better because you're spending less time commuting and more time working or playing."
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. "As more and more of this product gets completed, you're going to start seeing the rent discounts kick in, and we're going to be in an incredibly competitive leasing environment in Austin," Willett said.
At the new 29-story Monarch apartment tower on downtown's west side, 25 percent of the 305 units are occupied, and the building is 45 percent leased, representatives say.
Reports: Too many apartments Decrease in occupancy, surge in concessions expected as Austin fares worse than most
Austin Business Journal Friday, May 9, 2008
Austin's apartment market could be heading into troubled waters, two recent reports indicate.
Developers eyeing optimistic job forecasts and tightening restrictions for homebuyers are building an unprecedented number of apartment communities across the area. There are roughly 17,000 new units under construction in and around Austin, the majority of which will come online over the next 12 months, according to the first-quarter Multifamily Trend Report from Austin Investor Interests LLC.
The local apartment sector has fared well in recent years, capitalizing on the area's booming population fueled by a healthy economy. But while rents have increased steadily over the last 12 consecutive quarters, occupancy has remained relatively unchanged at around 93 percent.
"Until now, the number of new-unit deliveries has been nominal at best and countered by conversions and losses to redevelopment," the Trend Report states. But the flood of new units coming online -- roughly 2,500 a quarter -- will outpace demand, leading to a decrease in occupancy and surge in concessions, the report goes on to say.
Another analysis, from Boston-based research group PPR, shows that Texas' big cities will account for a staggering 26.4 percent of apartment units delivered in 2008 across the 54 U.S. markets the company tracks. Austin will deliver the second-highest number of units among those markets this year -- an overbuilding factor that could have a dramatic effect on the industry.
"Austin's phenomenal job growth and really strong demographic trends, with a young, well-educated population, have made it an apartment developer's dream," says Aaron Jodka, a real estate economist with PPR. "But with the country moving toward a recession, the delivery timing of these projects is off."
PPR estimates the current Austin apartment vacancy rate at 7.4 percent. The group anticipates that will rise to just under 10 percent by year-end, which stands to make it one of the harshest occupancy corrections in the country in 2008.
To lure tenants, a growing number of properties are beginning to offer concessions. At the end of the first quarter, 59 percent of the market was offering some sort of incentive, according to the Trend Report. That figure -- and what exactly is being offered -- is going to climb as more properties open up, with the associated costs making more of a dent in developers' bottom line.
Art Lomenick, managing director of Trammell Crow Co. and president of its wholly owned subsidiary High Street Residential, says overbuilding is ingrained in the real estate development culture of the major Texas markets.
"Austin has always seemed to be the most dramatic at overbuilding," says Lomenick. "In the apartment sector, it's definitely following form. We are probably going to have too many units coming online in the next two years. There's going to be a spike, and that will be an issue."
High Street Residential is developing the multifamily portion of Midtown Commons, the 72-acre, mixed-use project near the new Crestview Station commuter rail stop on North Lamar Boulevard. The first 317 apartments of what could eventually be about 1,000 units will be complete in February 2009.
Lomenick says while Central Austin is seeing a good bit of new product, the vast majority of construction is happening in the outlying parts of the city and in the suburbs, where entitlements are easier to obtain. As demand grows for in-town living, he says it's those suburban properties that are going to suffer most.
"Our whole focus on the multifamily end is transit-oriented development," says Lomenick. "We're trying to deliver these lifestyle options to people as energy issues and traffic issues keep getting worse." Jodka of PPR says with development happening all over town, there don't appear to be any submarkets that will be immune to the occupancy decline, but he agrees that anything developers can do to set their properties apart from the pack is likely to help.
Meanwhile, investor interest in Austin's multifamily market has not slowed. Seventeen properties changed hands in the first quarter alone, according to the Trend Report, and more than 90 are currently on the market.
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Apartment rents on the rise
Average price up about $100 a month since 2005.
2008
Prices for apartment rentals in Austin are on the rise as occupancy rates increase, according to Capitol Market Research. One-bedroom apartments have increased to an average of $714 a month, about $100 more than they cost two years ago. Two bedroom, two bath units are up to $938, also about $100 more than 2 years ago, according to the Austin based real estate consulting firm that tracks the market.
The occupancy rate for 2007 rose to 96.6 percent, up from 94.4 percent two years ago. "Everyone is upping their rents like crazy," said one locator.The market is seeing a mix of newcomers and renters who are shopping around after their rents were raised. Also, more people have moved into the apartment market because of tighter credit standards for getting mortgages.
Charles Heimsath, president of Capitol Market Research, agreed that the credit crunch has been a plus for landlords. "To the extent to which first-time buyers are on the sidelines because of the difficulty in qualifying for home mortgages, I think that's going to tend to keep people in apartments longer and will serve to maintain occupancy," Heimsath said. He predicted that occupancy rates will hold at 96 percent this year.
Strong job growth in the past 12 to 18 months has also kept the apartment market healthy. "It's still very positive," Heimsath said of job growth, although it has slowed in recent months. Employers in the five-county Central Texas region added 22,500 jobs from November 2006 to November 2007, an annual growth rate of 3 percent. "The main driver is always job growth."
Rents have lagged occupancy for nearly three years, Heimsath said, but the market has strengthened to the point that landlords are comfortable raising rents. "After almost three years of average occupancy being above 92 percent, finally rents are beginning to move upward," he said. Landlords and leasing agents previously had been hesitant to raise rents, he said, because it had been a tenants' market after the technology bust in 2001. However, landlords now can afford to be pickier and are becoming stricter in looking at renters' credit histories, apartment locators said. Some homeowners who are nearing foreclosure are finding difficulty renting because of their tainted credit.
Another indicator that the market has shifted in landlords' favor is that some are passing along the costs of utilities, trash service and pest control, helping push rents up. Heimsath predicts Austin-area rents will rise 5 percent to 6 percent this year, with ample demand to fill the estimated 6,000 units that are expected to open. Last year, the market absorbed 5,600 units.
"We should remain very high occupancy and continue to be able to push rents throughout 2008 and into 2009," Heimsath said.
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%
ALN’s BEST FIVE
Highest Occupancy Rate
Rank Submarket Occupancy
1 Tallahassee, FL 94.1 %
2 Austin, TX 93.8 %
3 Las Vegas, NV 92.4 %
4 Tucson, AZ 91.8 %
5 Orlando, FL 91.4 %
ALN Market Overview
OCCUPANCY AVERAGE RENT
DEC2006 DEC 2007 %CHANGE DEC2006 DEC 2007 %CHANGE
Austin 93.2% 93.8% 0.6% $781 $832 6.5%
Dallas 90.2% 91.0% 0.9% $765 $797 4.2%
Fort Worth 88.8% 89.8% 1.1% $673 $704 4.6%
Houston 89.7% 88.4% -1.4% $714 $736 3.1%
San Antonio 89.6% 90.0% 0.4% $680 $705 3.7%
TEXAS AVERAGE 90.0% 90.1% 0.1% $729 $759 4.1%
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SIMON PROPERTY MASTER OF ITS DOMAIN
AUSTIN More than a year after opening the $245 million first phase of its Domain mixed use project, Simon Property Group is preparing to break ground on phase two.
Work will begin in June of this year on the additional 631,000 sq.ft of retail, 75,000 sf of office, 411 residential units and a 340-key Westin hotel. The 27-acre Domain II will be anchored by a 200,000-sf, three-story Dillard's; 80,000-sf, two-story Dick's Sporting Goods; and an eight-screen Village Road Show Gold Class Cinema.
The project is slated to be completed in November 2009.
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APARTMENT DATA
ALNsystems.com – ALN has released apartment market data for large Texas metro areas. For the year 2007:
Occupancy in Austin increased from 93.6 percent in November 2006 to 93.7 percent in November 2007. Average monthly rent increased from $776 to $831, a 7.1 percent jump.
Occupancy in Dallas increased from 90 to 90.8 percent. Rent increased 5.4 percent, going from $753 to $794.
Occupancy in Fort Worth dropped from 89.9 to 88.8 percent. Rent rose from $667 to $702, a 5.2 percent increase.
Occupancy in Houston decreased from 90.4 to 89.3 percent. Rent increased by 3.1 percent, going from $713 to $735.
Occupancy in San Antonio held steady at 90.6 percent. Rent increased 3.8 percent, going from $679 to $705.
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300 luxury apartments coming to THE VILLAGIO
March 2008 – The Marcel Group is beginning construction this spring on an $85 million mixed-use project on 29 acres in the city's northwest region.
The Villagio will consist of 117,310 sf of high-end retail space, 31,800 sf of office space and 300 luxury apartments. The Meeks Partners' design will accommodate professional and residential needs in the Lake Travis area. Construction is set to begin in March and should be completed within 2 years.
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Crescent jumps at chance to add apartments in NW 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.
Crescent is seeking a zoning change on the vacant property next door to the Iron Cactus restaurant, from commercial to multifamily. That request is currently before the Austin Planning Commission. "I love the demographics of that location," says Todd Farrell, director of multifamily development for Crescent. "All the retail support is there for an [affluent] resident."
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 and is already over 70% occupied. The 390 apartments 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 apartments at The Domain range from $925 to $2,450/mo.
Farrell says he believes the Stonelake property will provide an alternative for those who want a luxury apartment near the amenities of the Arboretum and The Domain, but who don't want to live in the middle of a retail environment. Given fluctuations in the rental sector, it's unclear how much the one-, two- and three-bedroom units will go for, but Farrell says a range of $800 to $1,600/month is a rough estimate based on the current market.
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Wave of new apartments under way
Developers, most analysts say demand in Austin is strong enough to fill new space.
The Austin apartment market is making a comeback. A wave of apartments is under construction, and developers are counting on the area's appeal to pull in more residents to fill the space. More than 10,000 apartment units are planned to open in the next 2 years, according to first-quarter figures by Austin Investor Interests LLC, which analyzes rents and occupancy rates.
"We are very bullish in Austin in general and in particular, the downtown area," said Timm Wooten, executive vp with Martin Fein Interests Ltd., the Houston-based developer. "The desire to live close to downtown and the growth of Austin will support it," he said. Many of the developments are popping up in South Austin, Central Austin and downtown and include the Monarch, Red River Flats and AMLI on Second Street.
At the Domain in North Austin, 390 luxury apartments are saddled into the open-air upscale development, with one-bedroom units starting at $999 per month and going up to $2,244.
Monthly rents also are on the rise, increasing an average of about $7 in the first quarter of the year, according to Austin Investor Interests. Renters are paying an average of $766 per month. It's very healthy right now, and landlords are taking advantage of it by raising the rents.
Others who study the market, as well as developers still expect occupancy rates to remain steady. At 93.5 percent in the first quarter, apartment occupancies are still off from the peak levels of 98.2 percent in December 2000, during the tech boom. The job losses that resulted from the tech bust then clashed with a building boom, causing the occupancy rate to plummet at the end of 2000 to 88.4 percent in the first quarter of 2002. Even as late as 2004, some apartment projects were posted for foreclosure.
Now, with people moving at a faster clip to the Central Texas area from other states, developers expect more residents to look to the rental market before they buy. And occupancy rates above 92 percent equate to a landlord's market, said Charles Heimsath, president of Capitol Market Research, which tracks the apartment market.
"The market is really solid and will continue to be strong this year and into 2008," said Heimsath, who is forecasting 5,500 units to come on line this year. "We should easily be able to absorb those units." Heimsath also predicts that the rents — which increased 6 percent citywide last year — will continue to climb, from 3 percent to 8 percent this year, depending on the proximity to downtown.
The amenities offered at complexes also are changing, with hot tubs and laundry rooms disappearing and being replaced with in-room washers and dryers, granite countertops, free cable and wireless Internet capabilities
The Robertson Hill Apartments just East of Downtown just opened the first of 290 upscale units this spring. The complex, on San Marcos Street between Ninth and 11th streets, features one-bedroom apartments that start at $1,240 and two-bedroom units going for $2,600. The increased demand for urban living is propelling the wave, analysts say.
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New Round Rock apartment complex close to Dell, Hospital, Mall
City North at Sunrise Ranch apartments
Near I35 at Old Settlers Blvd and Round Rock Rd
Rents will range from $800-$1200/mo
First units expected to be available summer 2008
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AUSTIN APARTMENT OCCUPANCY RISES
2008
AUSTIN – Apartment occupancy was at 92.8 percent at the end of 2007. Occupancy in both Dallas and San Antonio were at about 91 percent, while Houston was at 88.1 percent.
Rents in Austin rose to 95 cents per square foot in 2007, up 7 percent from 91 cents in 2006. Rents were driven by increasing demand and a tightening of supply, according to Apartment Realty Advisors' (ARA) Texas Multifamily Report.
Rents in San Antonio and Houston stand at about 91 cents, and Dallas is holding at 90.4 cents.
The north and northwest Austin areas absorbed the most units at 873, followed by south Austin with 474. The most proposed units are also in the north