Downtown Austin’s rental market is shifting, with apartment complexes now offering 1–2 months of free rent to attract tenants. Vacancy rates have spiked to 9.92% (from 3.96% in 2021), and rents have dropped 17.1% since August 2022. The average rent for a two-bedroom unit is now $1,431, well below the national average. This change is driven by a surge in new construction – 32,000 units were added in 2024 alone, pushing vacancy rates to 15.2%.
Key Points:
- Free Rent Offers: Eight downtown properties are offering deals like 1–2 months free rent, with one offering six weeks free.
- Market Trends: Austin’s rental market has cooled, giving renters more bargaining power.
- Requirements: Most deals require a 12-month lease, new tenant status, and meeting income/credit criteria.
- Tips: Start your search early, negotiate for extras, and consider prorating free rent across your lease.
Whether you’re looking for modern amenities or a prime location, now is a great time to find a downtown Austin apartment. Keep reading for details on specific offers and how to take advantage of these deals.
Downtown Austin Apartments with 1-2 Months Free Rent
The current rental market in downtown Austin is offering some enticing deals, with many properties providing free rent incentives to attract tenants. Below, we’ve highlighted each property’s offer and standout features, followed by a comparison table for quick reference.
Properties and Their Current Offers
Residences at ATX Tower is offering two months free rent, making it one of the most attractive deals in downtown Austin.
The Waller also provides two months free rent. Built in 2022, this LEED Gold-certified property boasts custom finishes, smart home technology, a yoga studio, and EV charging stations.
415 Colorado joins the list with two months free rent, conveniently located in the heart of downtown.
Alexan Waterloo matches the competition with two months free rent, offering easy access to the downtown core.
Seven Apartments offers one month free rent for qualified applicants. Built in 2015, this property features modern floor plans, a rooftop lounge with stunning skyline views, and a prime location just off West 6th Street. Rent ranges from $2,370 to $6,140.
Beverly at Medical Center provides one month free rent, ideal for those seeking proximity to medical facilities while enjoying downtown living.
Quincy is another option with one month free rent, paired with quality amenities.
Northshore takes a slightly different approach, offering six weeks of free rent, appealing to those looking for a shorter upfront discount.
Apartment Offers Comparison Table
Here’s a quick overview of the current offers, pricing, and key features for each property:
| Property | Free Rent Offer | Rent Range | Key Features |
|---|---|---|---|
| Residences at ATX Tower | 2 months free | Contact for pricing | Prime downtown location |
| The Waller | 2 months free | $1,827 – $10,000 | LEED Gold certified, smart tech, yoga studio |
| 415 Colorado | 2 months free | Contact for pricing | Central downtown location |
| Alexan Waterloo | 2 months free | Contact for pricing | Easy downtown access |
| Seven Apartments | 1 month free | $2,370 – $6,140 | Rooftop lounge, West 6th Street |
| Beverly at Medical Center | 1 month free | Contact for pricing | Close to medical facilities |
| Quincy | 1 month free | Contact for pricing | High-end amenities |
| Northshore | 6 weeks free | Contact for pricing | Unique six-week offer |
These offers showcase a variety of incentives aimed at drawing in tenants, whether you’re looking for modern amenities, eco-friendly features, or upfront savings. With options catering to different budgets and preferences, downtown Austin has plenty to offer.
Requirements and Lease Terms for Rent Deals
Before diving into those tempting free rent offers, it’s essential to dig into the details. These promotions often come with specific terms and conditions that can influence your eligibility and overall rental experience. Let’s break down what you need to know about the requirements and lease terms tied to these deals.
Who Qualifies for These Deals
Most of these offers are reserved exclusively for new residents. If you’re already a tenant looking to renew your lease or transfer to another unit, these promotions typically won’t apply – you’ll need to be a new tenant to take advantage of them.
Another key factor is minimum lease duration. To secure free rent, most properties require you to commit to a lease of at least 12 months. Shorter or mid-term leases usually don’t qualify for these discounts.
Timing is also critical. Many properties enforce a move-in window, often requiring you to move in within 30 to 60 days of signing the lease. Some properties even offer "look-and-lease" incentives, which might require you to apply within 24 to 48 hours of touring the unit.
Unit availability can also affect your eligibility. These offers are often limited to specific floor plans, lease terms, or vacant units, so you may not have a wide range of options.
Lastly, income and credit requirements still apply. Even with promotional discounts, you’ll need to meet the property’s standard qualification criteria, including income thresholds and credit score minimums.
Lease Terms and Important Details
Once you qualify, understanding the lease terms is crucial for making the most of these offers.
How free rent is applied varies by property. Some landlords might offer free months upfront, while others spread the discount across the lease term. Ask if the free rent can be prorated to help with monthly budgeting.
Payment timing is another important detail. These promotions often depend on factors like your lease length and move-in date. For example, the offer might only cover your first full month of rent. If you move in mid-month, you could still owe prorated rent for those initial days before the free month kicks in.
Be aware that renewal terms often change once your initial lease ends. The attractive deal you receive as a new tenant likely won’t carry over, and you may face rent increases in subsequent years. It’s worth factoring this into your long-term financial planning.
Watch out for hidden fees and costs that could offset your savings. Instead of focusing solely on the advertised rate, calculate the total cost over the entire lease term to ensure you’re getting a good deal.
If you’re looking for more flexibility, it never hurts to negotiate. For units that have been sitting vacant, you might be able to ask for reductions in fees or monthly rent for a quick move-in. Some properties also offer preferred employer discounts or partnerships that could stack with existing deals.
The bottom line? Knowing exactly what you’re signing up for and how these terms impact your budget – both during the promotional period and beyond – is the key to making these offers work for you.
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How to Get the Best Downtown Austin Apartment Deal
Finding a great apartment deal in downtown Austin takes some planning and knowing when to act. Here’s how you can make the most of your search.
Start Your Search Early
Austin’s rental market follows seasonal trends. During the winter and fall months, rents tend to drop by 2–5%, and landlords often throw in extra perks. On the flip side, mid-to-late summer usually means fewer discounts are available. To improve your chances, start your search toward the end of the month before your move-in date. If possible, aim for the second week of your target month – landlords are often more willing to negotiate by then.
Once you’ve nailed down the timing, getting professional help can make a big difference.
Use Taco Street Locating for Free Help
Looking for an apartment in downtown Austin can feel overwhelming, but Taco Street Locating is here to make it easier – and it’s completely free. Their team offers personalized consultations, detailed spreadsheets with rental options, guided apartment tours, and help with the application process.
What sets Taco Street Locating apart is their deep understanding of Austin’s rental trends. They know when landlords are most likely to offer deals and can help you time your move perfectly. Plus, they often uncover discounts and incentives that you might not find on your own.
Since their services don’t cost you a dime, it’s a win-win. You save time, reduce stress, and might even score some extra savings on your new place.
Downtown Austin Market Trends and Living Benefits
The rental incentives popping up across downtown Austin highlight a bigger shift in the city’s housing market. These deals are part of a broader trend that’s reshaping urban living in the Texas capital. From dropping rental prices to an evolving lifestyle appeal, downtown Austin is undergoing noticeable changes.
Current Market Trends in Downtown Austin
Right now, many downtown properties are offering 1–2 months of free rent, a clear sign that Austin’s rental market is cooling. After years of rapid growth, landlords are now competing more aggressively as available housing catches up with demand.
The numbers tell the story. The median leased price in Austin dropped from $2,350 in 2022 to $2,200 by March 2025, while vacancy rates surged from 6.5% in 2021 to 15.2% by December 2024. Rent prices across the larger Austin metro area also saw a nearly 9% decline – the steepest drop among major U.S. cities.
The broader housing market has felt the effects too. According to Zillow, Austin home values fell by 6.5% over the past year, and the median home price dipped 2.3% to $429,869 in the first quarter of 2025. Active listings climbed nearly 15% in 2024, and homes now take an average of 78 days to sell – 19 days longer than the previous year.
"Our real estate market is returning to a ‘new normal’ in terms of supply and demand."
– Scott Turner, Founder of Riverside Homes
Adding to this shift is the rapid construction of new apartment buildings, which has boosted supply and given renters more leverage. CoStar predicts rental rates will keep dropping in 2025, with a 4.3% decline in the first quarter expected to taper to about 1.4% by the end of the year.
Why Live in Downtown Austin
Even with these market changes, downtown Austin remains a highly desirable place to live, offering a mix of urban convenience and a vibrant lifestyle. The cooling rental market gives potential residents more options and better bargaining power when choosing their next home.
Living downtown means being steps away from top-tier restaurants, live music venues, and cultural hotspots, while also enjoying outdoor activities along the trails and green spaces of Lady Bird Lake. Public transit options, including CapMetro MetroRail stations, make getting around easy and manageable.
The neighborhood’s demographics also reflect its appeal. The median household income downtown is $153,655, with 32% of residents holding Master’s degrees or higher and half having a Bachelor’s degree. This mix of professionalism and energy adds to the area’s charm.
Downtown Austin’s entertainment options are top-notch. Niche.com gives the area an overall A+ grade, with standout ratings for nightlife, health and fitness, family-friendliness, and commute convenience.
Housing options in the area are diverse, ranging from sleek, modern high-rises to charming historic buildings. With 57% of downtown residents renting their homes, the current market incentives make it an ideal time to consider moving in.
As of June 2025, the average rent in downtown Austin stood at $3,218 – significantly higher than the citywide average of $1,716. While this premium reflects the area’s unique lifestyle and unbeatable location, increased competition among landlords may make it more accessible for renters looking to call downtown Austin home.
Finding Your Downtown Austin Apartment
Looking for a downtown Austin apartment? July 2025 is shaping up to be a fantastic time to make your move. With eight downtown properties currently offering 1–2 months of free rent, renters have a unique chance to snag a great deal. The market has cooled, and landlords are rolling out incentives, making it easier to negotiate favorable lease terms compared to previous years.
To help you get started, check out our guide summarizing the free rent offers available at these properties. Once you’ve reviewed the options, here’s how to maximize your savings:
- Start your apartment search about 60 days before your planned move-in date.
- Consider signing a 15–18 month lease to lock in current rates and potentially score extra discounts.
- Don’t stop at advertised specials – ask about "look-and-lease" deals. These can reward you with extra perks if you apply within 24–48 hours of touring.
- See if the property can prorate the free rent across your lease term to lower your monthly payments.
These tips are especially useful in today’s renter-friendly market.
Need help navigating your options? Taco Street Locating offers free personalized consultations and guided tours to simplify your search. Their expertise can make all the difference in a competitive market like downtown Austin.
Whether you’re drawn to sleek high-rises or the charm of historic buildings, downtown Austin has something for everyone. For renters who act quickly and strategically, the value is hard to beat.
FAQs
Why are rental prices dropping and vacancy rates rising in downtown Austin?
Rental prices in downtown Austin have been sliding, influenced by rising vacancy rates and a noticeable drop in demand. By April 2025, vacancy rates climbed to 9.92%, a sharp increase from the 3.96% recorded in September 2021. One key factor behind this trend is the office sector slowdown, with office vacancy rates soaring to 26% in Q2 2025. This decline in office occupancy has had a ripple effect, reducing the demand for nearby residential spaces.
At the same time, an oversupply of apartments combined with cooling demand has driven rents downward. The average rental price dropped from $1,726 in August 2022 to $1,431 in April 2025 – a notable 17.1% decline. These shifts highlight the adjustments taking place in Austin’s rental market as it responds to evolving economic conditions and housing trends.
How can renters take advantage of free rent specials in downtown Austin this July?
Renters looking to take advantage of free rent specials in downtown Austin can benefit from a bit of smart planning. Many apartment complexes in the area are offering 1-2 months of free rent during July 2025, making it a great time to consider a move. By aligning your relocation with this promotional period, you can cut down on upfront expenses.
To snag the best deals, make sure your rental history is solid and your credit score is in good shape – these factors can make a big difference. You might also want to connect with local rental experts who know the market well and can guide you toward the best options. With some preparation, you can save money and enjoy the vibrant lifestyle that downtown Austin has to offer.
What should renters know about eligibility and lease terms for free rent promotions in Downtown Austin apartments?
Renters should know that most free rent promotions come with strings attached, often requiring you to sign a lease for a set term – typically 12 months or more. On top of that, you might need to meet specific income or credit criteria, and some deals may include extra conditions, like applying by a certain deadline or choosing a specific type of unit.
Take the time to thoroughly go over the lease terms, especially any restrictions or obligations tied to the promotion. This way, you’ll have a clear picture of how the offer works and whether you qualify before making a commitment.
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