Leasing at Mueller Austin Update

by GarrethWilcock on December 10, 2014

ViewFromAMLIMueller

The view from the top of AMLI Mueller – it has a rooftop terrace

A few years back we reported on home rental rates at Mueller, and it’s time for an update on both apartments and non-apartment homes for lease.

Mueller is right in the throes of a new section release and build – Section 7, so you might expect that people buying homes to be completed in 2015 would be looking for homes to rent. Apparently this is not the case, which was revealed when I reviewed the MLS this morning. There are currently five non-apartment homes for lease right now, with time on market of between 5 and 87 days. Three months on the market – that has to hurt a landlord’s pocket book. I have a few theories on this particular market here at the end of 2014:

  1. Part of me wonders if this is something to do with the extremely strong sellers’ market of the first three quarters of 2014. The market conditions are more likely to result in sellers being able to lease back their homes after closing, giving them time to find somewhere new rather than move into rental. Given that most leasebacks are limited by the buyers’ lender to 60 or 90 days, I don’t think this quite covers it.
  2. Mosaic and Elements are fully on line – around 750 luxury apartments on Mueller Boulevard, and AMLI is pre-leasing some of its 279 apartments in anticipation of  its completion. That’s close to one thousand apartments in Mueller (not counting the over-55 only Wildflower Terrace)
  3. It’s the holidays – not many people want to move during the holiday season.

Here are some of the most common questions we hear at Sherlock Homes Austin when it comes to renting in the neighborhood:

Can I rent a home with pets in Mueller?

I checked the data for the last year and about two out of three landlords accept pets. This compares to around 22% of private landlords in Austin who don’t accept pets in their properties.

How many homes are available for lease in Mueller?

You can check with the apartments who generally have a good overview of future vacancies, or check out the currently available homes for lease list. In the last year, there are around three homes per month leased through the MLS.

What are the lease rates for a home in Mueller?

Apartments start at around $1300 for market rate tenants, and $800 for income qualified tenants earning less than 60% of the Austin Median Family Income –  $36,187 annually for a family of two in 2014. $1370 gets you a 730 sqft 1 bedroom apartment at AMLI for example.

Garage apartments (around 600 sqft efficiency / studio units) are around $925 per month. These are few and far between though more homes with guest living are being built.

Condos (from around 600 – 650 sqft for a 1 bedroom unit) at the Greenway Lofts start at around $1300 per month.

Town homes (from around 1300 – 2400sqft ) start from around $1900 per month, though the mid-size units closer to 1800 sqft are around $2400 per month

Detached homes (from around 1400 – 2600 sqft) start from around $2100 per month and went as high as around $3300 per month. The median lease price per square foot is $1.38 for detached homes. This is up from around $1.15 per square foot in 2012. Detached homes take many forms – garden homes, garden court homes, yard homes and so forth, and this has a role to play too, as does the number of floors and sets of stairs.

All of these prices vary wildly with features – furnished, unfurnished and so forth – this is just a guide. There are also landlords who advertise without using the MLS, and this data is not represented here.

How long does it take to lease out my Mueller home?

This varies enormously and depends on season, how the home shows, and what you include. The median number of days on market for non-apartment homes in Mueller was 20 days in 2014, though right now, the average time on market for unleased inventory over the holiday period is 60 days and is set to rise.

The agents at Sherlock Homes Austin help people with their Mueller Real Estate needs – give us a call on 512 215 4785, and if we can’t help you we’ll find someone who can.

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