Is the apartment occupancy rate falling? (Austin: sublease, apartment complexes, leasing)

[GreyDawg]

I have a friend looking to move to NW Austin (Lakeline area probably) in September, who would like a 6-month lease.

With the pandemic, and colleges/universities largely online for the fall, is there a softening in the rental market? Should she be able to get a good deal -- even for a 6-month lease?

Or is the market as hot/tight as it has been for the past few years?

Thanks

[centralaustinite]

It isn't as hot/tight as it has been but there hasn't been any real softening at big apartment complexes. The STR market though? Carnage! Many STR owners are more than willing to do longer term now, I'd start there.

[ashbeeigh]

I moved in June. I signed my lease right as this stuff started. Maybe like the week of March 20th. Im nosy and check my old complex website every once in a while. My unit is still available for rent and they are offering incentives for signing leases. I was given six weeks free at my new place, again, this was early on. I check my current complex’s website that is showing no decrease in rent and the prices are typically high for the dinner, like $300 more a month then I signed in March.

I am a member of a sublease/leasing group for women in Austin. There are way more people looking to sublease/lease takeover their places then looking for a lease takeover/sublet. The issue with UT is that the se one you get in you need to secure housing so these students have had their apartments rented for ages and now don’t need them. And, no one ever thought of a pandemic as a legitimate reason to get out of a lease so they’re stuck. I think there was a story early on where parents were complaining. But, it was a luxury unit where the student was paying like $1500 a month. Like?! That’s ridiculous for a college student.

As far as six month leases, those are always ridiculously expensive. I think it just depends on where you look. I think now is really the time to use a locator since they have the skinny on deals.

[GreyDawg]

Thanks all. I will pass this along. Any locator services to recommend — to to avoid?

[the minx]

My community, which doesn't usually have more than 2-3 open units now has 17 (last time I counted). They even put out a now leasing sign which they've never done before. The parking lot, which has been a huge issue (can't find parking in the evening), had about a half dozen spaces open at 7pm last night.

I just renewed my lease and saw that my floor plan is going for the same price I signed for 2 years ago. My rent went down $15 a month when I renewed this month.

When I was looking at other apartments before signing my lease, there was definitely something different. Prices are better and incentives are easy to find.