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Old 02-26-2013, 03:14 PM
 
11 posts, read 23,723 times
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Quote:
Originally Posted by catholicdad View Post
Explain please.
A tight market is a market with more demand than supply. A hot market is a market with a big demand, and a big supply.

If you have no growth restrictions like we have in a lot of places in New England, you can build as many houses as you have a demand for. Sometimes even more houses than demand in a speculative market.

If you want a house in the Austin area, you can get a house in the Austin area, if it doesn't exist they will build it.
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Old 02-26-2013, 03:15 PM
 
2,633 posts, read 6,378,094 times
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Quote:
Originally Posted by catholicdad View Post
Then how come there are other cities with hot markets where landlords demand that prospective tenants sign up years in advance?
Never once heard of this, and I've had to deal with some really hot markets on short term notice.
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Old 02-26-2013, 03:17 PM
 
101 posts, read 192,801 times
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Quote:
Originally Posted by Idlewile View Post
I've not heard of this. Only pre-leasing for fall in a college town.
In cities including (but not limited to) NYC, Washington DC, San Francisco, and Tokyo, the landlords told me I should have come several months in advance to sign up for a lease; nothing would be available for at least another year.
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Old 02-26-2013, 03:20 PM
 
Location: SW Austin & Wimberley
6,330 posts, read 17,982,821 times
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Quote:
Originally Posted by catholicdad View Post
I have lived all over the USA. In every city, I was told that one should plan housing well in advance, especially in cities with tight markets. Landlords became suspicious if you wanted to move in too soon.

But in Austin, it seems nobody is willing to take you seriously unless you plan to move in next week. I've talked to many realtors. Is there an explanation for this inversion?
When do you need to move? How far in advance do you want? That will help understand the context of your question.
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Old 02-26-2013, 03:21 PM
 
101 posts, read 192,801 times
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Quote:
Originally Posted by austin-steve View Post
When do you need to move? How far in advance do you want? That will help understand the context of your question.
I need to move in late April. I would like to commit now.
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Old 02-26-2013, 03:22 PM
 
Location: Greater NYC
3,176 posts, read 6,185,771 times
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This strategy doesn't make sense... if there's increasing demand, why would a landlord lock himself in if he's got a line out the door and the ability to charge more because of it?

I lived in SF for a long while, during the tech boom even when people were 'bidding' on apartments outside on the sidewalk with cash-in-hand deposits, and never saw this.
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Old 02-26-2013, 03:22 PM
 
2,633 posts, read 6,378,094 times
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Quote:
Originally Posted by catholicdad View Post
In cities including (but not limited to) NYC, Washington DC, San Francisco, and Tokyo, the landlords told me I should have come several months in advance to sign up for a lease; nothing would be available for at least another year.
That's a little different than signing years in advance, and typical in a tight market (as opposed to a hot market). When inventory doesn't exist, you have to jump as soon as a unit is under notice to vacate. You see a bit of that here, where you'll likely have to rent a place that isn't actually available yet.

Austin is transient enough that units are popping up all the time, you just have to keep a watch out to find them as soon as they're posted.
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Old 02-26-2013, 03:32 PM
 
Location: SW Austin & Wimberley
6,330 posts, read 17,982,821 times
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Quote:
Originally Posted by catholicdad View Post
I need to move in late April. I would like to commit now.
If you're moving in late April, then you've ruled out all vacant homes unless your willing to pay the hold time.

Most standard house leases in Texas require a 30 day notice. Most landlords/owners don't know until March 1st if they'll have a home available for April 1st. I just mailed my renewal letters yesterday and will have them back by the weekend, thus a house that might be available for April 1st, I might not even know about and have on the market until March 5th.

Then we'll hold that house no longer than 10 days from the availability date, so if it's available April 1, we'll hold until April 10th, sometimes the 15th for a good applicant. But not late April.

All of the dozens of property managers and landlords I know do it like this.

Late April is too long for most to hold a home, so you'll need to decide if you're willing to pay for more time than you need, or if it's better for you to wait for the May 1st properties.

April/May will be starting to get really busy and homes lease very fast.

Good luck,


Steve
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Old 02-26-2013, 03:37 PM
 
101 posts, read 192,801 times
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Quote:
Originally Posted by austin-steve View Post
If you're moving in late April, then you've ruled out all vacant homes unless your willing to pay the hold time.

Most standard house leases in Texas require a 30 day notice. Most landlords/owners don't know until March 1st if they'll have a home available for April 1st. I just mailed my renewal letters yesterday and will have them back by the weekend, thus a house that might be available for April 1st, I might not even know about and have on the market until March 5th.

Then we'll hold that house no longer than 10 days from the availability date, so if it's available April 1, we'll hold until April 10th, sometimes the 15th for a good applicant. But not late April.

All of the dozens of property managers and landlords I know do it like this.

Late April is too long for most to hold a home, so you'll need to decide if you're willing to pay for more time than you need, or if it's better for you to wait for the May 1st properties.

April/May will be starting to get really busy and homes lease very fast.

Good luck,


Steve
Thank you, that makes the most sense out of anything I've heard so far.
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Old 02-26-2013, 07:25 PM
 
Location: Austin, TX
16,787 posts, read 48,839,394 times
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Quote:
Originally Posted by catholicdad View Post
I have lived all over the USA. In every city, I was told that one should plan housing well in advance, especially in cities with tight markets. Landlords became suspicious if you wanted to move in too soon.

But in Austin, it seems nobody is willing to take you seriously unless you plan to move in next week. I've talked to many realtors. Is there an explanation for this inversion?

Supply and demand. We have a 97.4 occupancy rate on apartment rentals. He who lingers is lost.

//www.city-data.com/forum/austi...l#post28396624
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