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Hi Wr,
I would suggest that you consider renting a place through VRBO (Vacation Rental by Owner). For the purposes of checking out Austin as a place to live, you will get to stay in a real neighborhood, rather than being insulated in a hotel which could be anywhere. We rented houses in Austin three times whilst considering our move from London, and it really does allow you to get a great feel for an area. You might be lucky and find a place in one of the areas that you are considering buying/renting in.
In terms of cost, VRBO comes into its own when there are a few of you and you would otherwise need a larger hotel room or two.
Hope this helps.
Ttfn
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