Hello Longhorn!
So, you have settled into the semester, begun classes at The University of Texas, and gotten used to your routine. Before you know it, you already hear about friends signing their lease for the next school year. As you begin thinking about housing options, one of the very first decisions you will have to make is whether you will live in a Highrise property or a Condo property. If you aren’t sure of the difference, I will discuss below for you.
Highrise
Highrise properties in West Campus are pretty much all the tallest and newest buildings and make up the largest amount of bed spaces available in the neighborhood. Some examples to consider are Moontower , Villas on Guadalupe, Signature 1909, The Standard, American Campus or The Quarters on Campus. Below are some traits unique to High-rise properties.
Furnishings, usually at Highrise properties they have furniture packages ready to go for around 70% of the bed spaces they have available. Furnishings usually include a bed frame, nightstand, sofa, coffee table, dresser drawers and a TV stand.
Amenities, usually at a high-rise property you will get some nice community perks. They can include swimming pools, gyms, study centers, yoga studios, rooftop lounges and a little concierge desk at the entry of the property.
Rent Prices, are pretty much always higher than condo prices. In my estimation, a 1 bedroom unit in some of the premiere high-rise properties will cost at least $1,300 if you manage to find a great deal, but can easily go up to $1,800. Please keep in mind that is not taking into account utilities or parking.
Roommate Matching, is often something offered at Highrise properties. Essentially, once management decides to open up units to roommate matching, you can just select one bedroom and they will attempt to match you with people that you might enjoy rooming with. One perk to roommate matching is that you will most likely sign an individual liability lease. The perk to an individual liability lease is that you are only responsible for your rooms rent payment.
Parking, is something almost every Highrise property offers. Something to note, I see lots of new buildings going up, but there is fewer and fewer places to park! With that said, a parking spot is like $100-$200 bucks depending on the property. If you lease early, you are pretty much guaranteed a parking spot in the garage.
First Months Rent and Security Deposit. One perk to living in a Highrise property is the low upfront fees. Generally, they have security deposit specials where you only have to pay like $200 bucks. The first month’s rent is usually not due until you move in. Something to note, although the upfront fees are low, you must take into account the annual budget to see if you are truly saving money.
Condo
Condo properties in West Campus are generally smaller in size and may have as little as 10-15 total units, although some have many more. They tend to be older properties, but they have a much less commercialized feel. This is partly because condos are owned by individuals for the most part and not huge business entities. If buying is something you may be interested in, you can actually make yourself money by purchasing one while in college instead of renting for 4 years.
Furnishings, in about 90% of Condo properties, I would say you should expect the unit to come unfurnished. If you do find the 10% that are furnished, it is likely to be hand-me-down furniture, so do temper expectations. Unfurnished units however are my personal favorite. I would suggest leaning into the decoration process and purchasing some stuff that fits your style.
Amenities, pretty much don’t exist at Condo properties. Properties that do have amenities, will only include a pool, dog-park, bike rack and maybe a nice courtyard for relaxing. If renting a condo, the lack of amenities might actually be a positive. At least Jack, Jill, Johny and Brad won’t be raging at the pool, or acting like the coolest kids in town at the resident center everyday.
Rent Prices, at Condos are generally hundreds of dollars less per month. Sticking with the 1 bedroom example, I have found hundreds of students a 1 bedroom, in West Campus, with a private washer/dryer and parking included for $1,000 - $1,400 depending on how upgraded of a place you want.
Roommate Matching, at Condo properties usually doesn’t exist. What you have to do is find a buddy, or two, or five and then proceed to look for a property. One difference to point out, is that when renting a condo with friends, you will sign a joint-liability lease. That means everyone is equally responsible for the rent. This as opposed to just being responsible for your bedroom rent only.
Parking, at Condos is a little more complex than at a High-rise. The reason for this is because, since each unit is individually owned, some units may only have 1 parking spot even though the unit has 2 bedrooms. On the bright side, parking is usually included. So, with a little care, you should be able to sign for a unit that has the appropriate amount of spots included for free.
First Month’s Rent and Security Deposit differ at a Condo when compared to a Highrise. At a Condo property the security deposit is usually equal to the first month’s rent amount. Lately, I have seen some properties reducing it to $500 or so per room. The first month’s rent is typically due within 2 weeks of signing your lease. Before getting to shocked by the high upfront fees, I would like to remind you that the security deposit is refundable if your unit is left clean, without damage. Additionally, I would remind you to run the number for an annual budget. If you manage to get a unit that is many hundred less per month, you will end up saving over the duration of the lease even though you pay more upfront.
If you have made it this far, congratulations! I hope I was able to provide some useful information that may help you decide between living at a Condo property or a Highrise property. If you are interested in renting a house in the UT Campus area, please reach out. I can provide access to tools and resources to help you view data and properties for rent in the campus area. Additionally, feel free to complete a Renter’s Questionnaire and I will reach out ASAP!
Thank you for your time,
Realtor Tineo,