Cost of Renting in Austin

  • 5 years ago
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Cost of Renting in Austin

The cost of living in such a thriving and growing city can take a toll on your wallet but many residents definitely feel the cost is justified. Austin is such a young, fast growing city that the market has to keep up with the demand. With that being said, the market is very competitive and can require a lot of up front costs to securing a unit or even a biding war between you and another renter.

So what can you expect to pay up front for leasing a place in West Campus or North Campus, Central Austin? Of course, it depends on your exact price range but policies differ from company to company. The most common of all would be with a listing and management company that requires several items up front to secure a unit for you. For one, you’ll have to pay application/administration fees which are used to run a credit and criminal background on you to see if your a good fit for this particular home. Applicants with certain records or bad credit will have a harder time getting approved for an residence. It’s considered “risky” to an owner to approve an applicant with priors, it is their investment after all. Secondly, you’ll have to submit an application deposit typically equivalent to one month’s rent or less. Once approved, the application deposit becomes the security deposit during the duration of the lease and is refunded to you when you move out if no necessary deductions need to be made. If you are not approved for the residence, your application/administration fees are non refundable but your deposit is.

On top of all of that, most companies will require a first full month’s rent due upon lease signing. Many applicants see this as a shock when they are hit with that extra expense, especially, if you’re not moving into the unit for months! This is very common and shouldn’t be such a shock, many places in Austin and out of the city may require first and last months rent up front. However, with all of these funds, apart from the app/admin fees, they are applied to your lease and not wasted. It’s just a lot to cough up when you are in the majority of people in Austin who live paycheck to paycheck. Bottom line, it’s costly to move but Austin is such a gem and a wonderful city to be in that many people are perfectly fine with justifying the costs.

When relocating to Austin or around Austin, be prepared for these costs. There are some apartment complexes that do offer move in specials that are relatively love up front costs for move in. These are few and far between but Uptown Realty can help you find those complexes that can accommodate your upfront cost budget. We can make it happen!

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