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Tell your rich uncle to build some more apartments.

The Statesman reports (again) that the demand for rental units will outpace new construction once more in 2006. Translation: rents are going up and your locator is your best friend. Or your worst, commission-obsessed enemy.

Austin-American Statesman article

Barton Springs & South 1st. Cute and cheap. February.

A downtown apartment for under $700/month? Those units are the stuff of fables these days. You're more likely to get served by BigFoot next time you're at Chuy's. But the folks at Rainier still make it happen (even though they *could* be getting at least $100 more per unit, ssshhhh.)

I'm showing three units coming up in February at The Willows at Barton Springs and South 1st. Cute 1BR's with pergo floors and FREE CABLE. Yay!

Here's the breakdown
1-1 572 sq.ft. $625
1-1 596 sq.ft. $650
1-1 596 sq.ft. $675
More info:BradleyPounds@aol.com
512 / 736-3353

If you have a question . . .

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Arboretum 1/1, $550

Small community in Balcones Woods area near Arboretum has 1/1's available for $550. 623 square feet, cute little place. Tennis court in good shape too. Here are a couple of pics of the model.

Good news if you're looking to move downtown - - in '08.

AMLI Residential is finally going to break ground on their second apartment building in the new 2nd Street District. But this one will dward the other - - - at 18 stories tall. Leasing begins in '07 with units online in '08.

Austin American Statesman Article

Can I get a new lease if I've broken one before?

(This is an entry that first appeared last month but it seems that I'll be posting it every so often because this is such a common question.)

The answer is yes and no. Big managed apartment complexes tend to stick together on this one. If you've wronged one property, don't count on another doing business with you until the debt is resolved.

But if you're not in a position to pay the old debt, we just need to look elsewhere. Don't forget that Austin is full of individually owned condominiums, duplexes and even garage apartments for lease. Often times these individual owners will be more willing to take a chance on someone with less-than-perfect rental history. If you've found yourself in this situation, email me at bradleypounds@aol.com and I'll begin looking for a more easy-going landlord.

Funky, small and cute.

Who can live in 480 sq ft? Well if it's cheap and in the Lake Austin Blvd area, a lot of us would be willing to make it work. This little unit has lots of character, not to mention free extended cable. Map 700 Hearn if you want the exact location. Easily stumbling distance from Maudie's or Magnolia.

More info: BradleyPounds@aol.com,
512-736-3353

This can't be good. At least not yet.

Austin Business Journal reports that Austin is in the top 10 apartment markets for investors. Why? Rents are going nowhere but up so existing properties are becoming hot commodities. The upside is that the second wave of investors will likely bring new construction and cheaper units with it. Likely.

Austin Business Journal

Stickin' it to ya: The myth of the reletting fee

Breakin' up is hard to do. Especially if you're a tenant who needs out of your lease early and your scorned lover is Megalopolis Management Consortium, Inc.

"But my Texas Apartment Association lease clearly states that if I pay 85% of a month's rent, I can get out of my contract,right??"

Not so fast. If your property is like most others in Austin, the 85% reletting fee is just the beginning. You'll also continue to pay rent on the place until a new tenant has moved in. In all likelihood, you'll also have to repay the concessions that you've used on the place. Example: On a 12 month lease, Jane received two months free, which she used up front to ease the expense of moving into her new $900/month pad in the Arboretum. Nine months into the lease, Jane decides the downtown life is for her and wants out of her contract. It continues to sit on the market for 15 days after she breaks the lease and moves.

Jane is screwed. After the reletting fee, concessions and pro-rated rent are totaled, Jane now owes the property $3015.00. Minus her $200 deposit, she's still screwed. The remainder is on her credit for seven years, and she can't lease another apartment until she pays up.

Read the fine print. Sorry Jane.

Arboretum steal: Village Oaks

It's good to see some of the folks on Jollyville taking an interest in their property by freshening up that 1980's look that the whole street has going on. And not passing a whole heck of a lot of the cost onto the renters. Village Oaks has a few 1+study units that measure 800 sq ft and range in price from $615 to $699, depending on the degree of upgrades that have been installed. The other photo shows the proximity of the property to shopping and business area (it's located at the traffic light in the center.) It's something to think about for our renters without transportation - - also there is a bus stop directly across the street to the left of the frame.

More info: BradleyPounds@aol.com