First Time Apartment Renter in Austin needs advice! (Atlanta, Point: apartments, condos)

[Thundercat82]

Hi everybody, I just had a few questions about renting in austin that I hope someone can help me out with, so here we go.Which is better to get when a "Security Deposit" or a "Surety Bond"? I haven't really heard to many good experiences with surety bonds, I will be working at the Airport so looking for a good apartment that wont put me like 20+ miles away from my job. I already do the commuting thing here in Atlanta and trust me its not fun.And a apartment in a safe area of town(any places i should aviod?)for a good price $400s-mid $600s. any help will be greatly appreciated.

[1mintjulep]

I've never heard of a surety bond.

Stay away from the Rundberg Lane area in North Austin, and also the intersection of I-35 & 183 - I lived there for a few years and it wasn't terrible, but it's gotten worse. Specifically, stay far, far away from Remington House Apartments. Oh my lord! But none of those places are near the airport, so it probably won't matter anyway.

We currently live in SW Austin; the apartments out this way are probably out of your price range, but they are nice. There are several complexes down William Cannon that are cheaper, and would probably be close to your work. Lots of complexes near St. Eds and ACC Riverside, but many of them could be kinda sketchy - although I'm sure you can find something decent, and in that price range.

ETA: I had a friend who lived in Congress Square Apartments at Congress & Riverside. At the time, I think 1 bedrooms were going for $650 a month (this was 2 or 3 years ago) - I'm a bit surprised they haven't been turned into condos by now but you might want to check them out.

[Thundercat82]

Thanks for the heads up 1mintjulep. I never heard of the Surety Bond policy that most apartments have either. But what it is from what I was told is a $87.50 SureDeposit is based on a simple concept: instead of requiring a full security deposit, residents are offered the option of promising to return the unit in good condition and paying a modest one-time premium. Remember, it is an option - no property owner can require a resident to purchase SureDeposit as a condition of a lease. When a resident elects to use the SureDeposit program, they sign onto a surety bond that replaces (or supplements) a traditional security deposit. SureDeposit guarntees the performance of a resident according to the terms of a signed lease agreement. The resident promises to return the unit in good condition, and to satisfy all rental and financial obligations. If the resident does not meet their obligations, they are required to reimburse the Surety for the amount owed of their rental and financial obligations.After you pay your last month's rent and honor the other condidtions of your lease, you simply move out without any further obligations. If you have not fulfilled your commitments under the lease, the Surety must pay the Property Owner and you will be required to reimburse the surety company for damages, loss of rent and related expenses. So im trying to figure out should i do this or just put down a Security Depoist.

[ICKWALITY]

It sounds like six of one and half-dozen of the other. Point is, if you leave the place as you moved in, then the Sureity Bond is cheaper...but that's a big if and an unkonwn when you move in. If you pay a regular security and the place is not in "move-in" shape when you leave, you'll lose part or all of that too, depending on how much you're charged to get the place in shape.

So like I said, six of one, half-dozen of the other...pay now and possibly get it all back later (security dep.) or pay now and if the place is in acceptable (to the management) condition, walk away knowing you had a smaller out of pocket expense to get in.

If the place is not in move-in condition in either case, it will cost you.

I see the opportunity for both ways to be exploited, and I wouldn't be surprised if that isn't happening in a few places

(I'm currently researching both options...its the unknowns that you really can't do anything about...normal wear and tear could be looked on as damage...best thing is to try to keep your place spotless).

[someguyatx]

[Tim_Barton]

DelValley