What is Pre-Leasing and How Does it Work?
The University of Texas at Austin Area leasing process can be a difficult and confusing time for renters. Due to very early pre-leasing dates that occur only months or even weeks after moving into your current housing it can be a stressful time. Allow Uptown Realty to take the hassle away from you and make it as seamless as possible. We strive to make this process clear for you. Each company or complex may have different policies and procedures for each house, condo, or apartment. Let us worry about those details so you can focus on your studies and enjoying the college experience!
Your initial contact with an Uptown Realtor will be a consultation to discuss your housing criteria and interests. This includes your price range, area, amenities, parking, pets, and other details you feel is important in your new home. Once we have gathered your specifics, we will conduct a thorough, specialized search for you. Uptown Realty has access to an array of databases along with Realtors possessing extensive knowledge of the current market in each area of Austin. Our experienced Realtors all specialize in Central Austin and The University of Texas campus area for students. Most students live in West Campus, North Campus, or Hyde Park. Our Realtors know those areas like the back of their hand along with other areas around town!
Once we have narrowed down your search, one of our awesome Realtors will provide a guided property tour. You will see the properties and all the amenities they have to offer. Remember that the Austin Real Estate market is very competitive, properties that are available at the time of your tour may not be available tomorrow.
Now that you have found the perfect place for your future housing, it’s application time! Let Uptown Realty walk you through all the necessary paperwork and explain the approval process for you as it varies from company to company. Most properties will require application/administrative fees along with an application deposit, typically equalling one month’s rent. Be sure to read all the paperwork very carefully and ask your Realtor about any questions or concerns you may have.
It is very important to note that most companies’ contracts include addenda stating that the application deposit is NON-REFUNDABLE once submitted. It is important to make sure that you are serious about the property when you apply and do not plan to backout.
Once your initial application, paperwork, and funds are turned in to the appropriate company, the approval process will begin. You can be approved completely on your own by providing proof of income typically equal or greater than 3x’s the amount of the rent you will pay in gross monthly income. Since most students don’t qualify, a guarantor (typically a parent or guardian) is used that is required to make 5x’s the amount of rent you will be paying. All applicants including guarantors will be required to pass a criminal and credit background check as well.
Now you are ready to sign your lease! Most leases are joint and several contracts meaning that all tenants will be on one lease. Most properties that will typically allow an individual “by the bed” lease are corporate apartments that will charge a premium.
Your lease contract will be typed and sent to you electronically to sign. Your Uptown Realtor can walk you through the signing process and help you with any questions you may have pertaining to the lease. Once you sign your portion of the lease, it will be executed by your future Landlord. After all of that, only one more step to completely secure your place!
Most companies, especially in Central Austin, will require you to pay first full month’s rent upon lease execution. Now that all funds and paperwork are completed, all you have left to do is move in! Don’t you worry, if you have any questions during or after the process, Uptown Realty is here for you every step of the way! We will strive to make sure your leasing experience is enjoyable and as stress free as possible.
– Properties in this area move quickly so be ready to put money down when you start looking.
– For most properties you will need 2 month’s of rent and $50-300 for app & admin fees.
– Application Deposit and Application Fees are generally non-refundable after submitted.
– Most leases are joint and several contracts meaning all tenants are on one lease.