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What is
Pre-Leasing?
Pre-Leasing is when a property is leased prior to the move-in.
It is a very common practice in the campus area.
When
does Pre-Leasing Start?
The most
sought after properties are typically leased first, with many
getting leased in September of the prior year (that's 11 months
before move-in). It is important to start the search as
early as possible.
Pre-leasing allows tenants to lock down a property before they leave
school for the summer and before the dorm rooms are filled.
The best
properties are usually leased first, so we recommend you start you
search as soon as you know you will be returning to UT for the fall
semester.
How Do We Get Started?
Talk to
your student and decide how much you are willing to spend and how
many roommates you feel comfortable for them to have.
Once you
have the basics, have them call our office at 512-476-1976 to
schedule an appointment to get the process started.
What Kind of Properties are Available?
Ely
Properties has over 1,000 properties exclusively listed for lease
around the campus. They range from small studios to 8+ bedroom
mansions.
What is
Required to Pre-Lease a Unit?
The
landlords usually require a security deposit, the first month's
lease and a the lease to be signed before they will take the
property off the lease market. They do this to insure the
tenants are serious about leasing the property as they will be
removing it from the market.
What is
a Guarantee of Lease?
Because
students do not typically have income, most landlords will accept a
letter of guarantee from the children's parents. In some cases
they will also allow financial aid to be used in lieu of a parent's
guarantee.
Less than 1 Year Leases?
Almost
every property in the campus area will require a year lease.
If your student will not in Austin for the summer they maybe able to
sub-lease their property for the summer.
Individual Leases?
We do not
offer leases by the bedroom or individual leases. All
residents must sign the lease, but residents may be replaced at
anytime.
Move-In
On move-in
day, you will come by the Ely Properties office to pick-up a move-in
package. This package will include keys and other items needed
to move-in. On move-in day our office opens at 10am.
Paying Rent
Rent is
due in our office by the open of business on the 2nd of
each month. It may be mailed or dropped off in person.
We do accept credit card payments over the phone during normal
business hours. We can also assist you with a automated
payment. Ask for information at during lease signing.
Maintenance
When
something breaks, simply fill out a maintenance request and we will
send a tech over. There is no charge unless the damage was
caused by the tenant's neglect. We do offer 24-hr emergency
maintenance for serious property damage emergencies.
Move-Out
On the day
of move-out you will drop off the keys at our office. We will
get a forwarding address for the security deposit, which is
typically mailed 30 days after move-out. The tenants are
responsible for a maid service and carpet clean. |
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Thought about Purchasing?
As
a parent of a student attending the University of Texas, you
know Austin housing is expensive. In addition, the
competition for quality campus-area housing is such that
students will sign a lease 10 months BEFORE move-in. With UT
being the largest college in the country, student housing
will not be getting cheaper or easier to find in the next
few years.
The recent stories of doom and gloom in the national housing
market make the thought of buying a property for your
student a difficult one at best. If you look deeper, now is
probably the best time to at least consider the benefits of
ownership. Housing prices in the campus area have fallen
from their peak in August 2008, but rents have not, nor has
UT student enrollment. In fact, rents and student enrollment
have INCREASED. Because there is a tremendous rental market,
even though prices have fallen, foreclosures are very rare.
The recent price drops have created some incredible deals
There are incredible deals throughout the campus area.
Purchasing a university area property is a great way to
reduce your monthly housing expenses. In addition to being
simply cheaper each month, there are great tax benefits to
ownership. In many cases, you can use a trip to Austin as a
tax deduction! There is no tax credit for renting. By
purchasing a property, you become your child’s landlord. You
know that the rent will be paid each month, and more
importantly, you know that they will have a safe, clean
place to call home.
Want to Learn More?
Try Our Free Seminar
Throughout the spring, Ely Properties will be hosting
several Parent’s Housing Seminars. Whether you are
interested in purchasing or leasing a property, these
seminars give you a chance to gain valuable knowledge, learn
more about Ely Properties and what we have to offer and best
of all it’s free.
A
wide range of topics will be covered including purchasing,
leasing, management, maintenance, mortgages, benefits of
ownership and much more. These seminars will be followed by
a question and answer session and an opportunity to take a
tour of properties for sale.
Due to space limitations, please call us at
512.476.1976
to reserve a space at our next seminar.
Start You Search Here!
Since 1991, Ely Properties has specialized in the student
housing market. We currently manage over 1,000 properties
throughout Austin and have developed over 500,000 sqft of
student housing in the campus area.
All of our agents are full-time real estate agents who
specialize in student housing. Our development and
management experience gives us a better understanding of the
market and student housing needs. Our agents knowledge of
the area far exceeds that of off campus Realtors who rarely
work in the campus market.
From the structural integrity of the building to the
financial stability of the homeowners’ association, we can
help you determine if a property is a fit for you.
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