USA – Austin 2004 – 2009
Units Sold & Median Price Comparison
|Total Lease Properties
Home, Condo, TH, Dpx
||Price per Foot
||Homes for Lease
||Price per Foot
DOM: Total MLS = 36, JBG = 31
JBG is 5 days quicker
Apartment Occupancy: June 2009 89.5%, Dec 2009 90.4%
Occupancy rates in Austin are on the rise.
2003, the apartment occupancy rate was 89.3%.
2005, the occupancy rate climbed to 94.4%
2007, the rate continued to rise to 96.8%
Currently there is a 96.6% occupancy and we expect occupancy rates to continue upward.
The average 1 bedroom, 1 bath apartment costs $714 per month.
The average 2 bedroom, 2 bath apartment costs $938 per month.
In 2007 rental rates averaged 97 cents per square foot across the metro area.
In 2005 rental rates were 86 cents per square foot.
“Austin-area rents are predicted to rise 5% to 6% in 2008, with ample demand to fill the estimated 6,000 units that are expected to open.”
- Charles Heimsath, President of Capitol Market Research
Most apartment communities require that your gross monthly income be three to four times the monthly rent. Many apartments will accept Letters of Guaranty for students and tenants who do not meet the monthly income requirements. However, some will not. An application fee is charged to the tenant when they apply to rent a unit. Application fees can range from $35 to $125 per person. Also, the majority of apartments require two years of verifiable rental history.
Deposits have also seen increases in the past few years and vary from complex to complex. Deposits can range from $400 for a one bedroom to $1000 for a three bedroom. A general rule of thumb when applying for apartments is have two months rent ready to cover your deposit, application fees & first months rent.
Each apartment complex has its own guidelines when accepting pets. However, most apartments will accept pets, but limit the number of pets allowed per apartment, and, they may also have restrictions on their size and breed. Deposit for pets average $200 - $400 per pet, of which a portion is non-refundable.
Amenities cover a wide spectrum of possibilities. Needless to say, the more expensive the apartment, the number of features/amenities increase. Amenities can include: security entrances with cameras and gated communities, garages, covered parking, laundry facilities, swimming pools, spas, volleyball courts, putting greens, social clubs, indoor basketball / racquet ball / exercise facilities, business and computer centers, car care centers and movie centers.
Periodically apartments will offer specials to tenants. This may include a full month free rent, lower deposits or no application fee. Check with your JBGoodwin agent for a list of current specials.
We Know The Answers
Round Rock/Georgetown: 512-502-7710