UpTown Homesearch Blog

Pre-leasing houses, condos or apartments around the UT Campus in central Austin – thousands of UT students and young professionals look for that great deal. There are some guidelines as how and where one should look for that, depending on the time of the year one is on the market and the type and size of property one is looking for. Here are some tips as how you can get that great deal when you are looking during the summer months for a Aug 2010 move in:

Most of the bigger houses around campus in West and North campus areas have been pre-leased by now. However there are a few properties that for whatever reason, mostly bad management, lack of marketing, overpricing, or other external reasons are still available for Aug 2010 move in. The good news is that this is the time during which those houses’ owners realize that they need to make a move or face vacancy, so generally they would change the management company they are working with and drop the price significantly. This is the time when you should strike. The rule of thumb here is that even if you are looking for a place with fewer bedrooms you are better off finding a few more friends to live with because any please with 3+ bedrooms could be greatly discounted. Most big groups get their places early in the season so whatever bigger places are left at this point could be in trouble.

This is where companies like Uptown Realty come into play. They contact or are contacted by those owners and they explain to them the predicament they are in. They make owners understand that they should look in any offer for their places even if it is much below what they envisioned to rent their place for. Don’t get me wrong, there are not many of those strugglers around but those that are around are there for you to snatch at a rate that would make all your friends jealous of.

So what is the strategy? I recommend that even if you don’t have a larger group, talk to your friends and see if you could fine some extra roommates so you can put together enough people to get those 4,5, and 6 bedroom places. Let me give you an example. Currently there is a 5 bed House in West Campus that is still available. The house is great and it is in a very good location 1100 W 22^nd St., Austin, TX, 78705, just off Leon St and 22^nd. Currently the tenants there are paying $3950 per mo or around $800 per bedroom – that is the average going rate per bedroom in West Campus Houses. Well the House has not been pre-leased for Aug 2010 yet and its available for grabs. Why didn’t it get leased? Is there something wrong with it? No…the owners had the house overpriced asking for $4500 per mo rent, never took the time to readjust the price or market the property. Eventually no one leased it and now we are in mid June and since bigger groups are done with their house shopping they are in big trouble.

Here is where you can get a great deal. We can get that same house now at $2995 per mo or maybe even a bit lower than that. That is $600 per bedroom or less. Getting a 2 or 3 bed in West Campus at the moment is much harder as there are a lot more 2 and 3 bedroom groups that 5 bedroom groups so owners are less willing to go down in price. Keep in mind that there are very few of those opportunities and if you get the people necessary you can get a great House, Condo or Apartment at a great discount. Currently there are 10-15 of those 3+ bedroom units that I know of – Contact Uptown Realty so they can show you those units, get the people together and get a great deal.