South Austin Suburb Apartments Offering Up to 2 Months Free Rent (February 2026)

By Alexander Concepcion

Looking for a great deal on rent? South Austin suburbs are offering up to 12 weeks of free rent this February. With an oversupply of apartments and slower winter demand, properties are rolling out aggressive specials to attract tenants. Areas like 78745, 78748, and Southpark Meadows are packed with new developments, making this a prime time to save big.

Key Takeaways:

Free Rent Offers: Deals range from 4 to 12 weeks free, depending on the property.
Lower Costs: Winter leasing discounts drop rents by 2-5% compared to summer rates.
Examples:
- Matador: 12 weeks free, net rent as low as $844/month.
- Bishop Momo: 8 weeks free, starting at $1,349 for studios.
- Prospect: 6 weeks free, starting at $995/month.
Amenities: Many properties include pools, gyms, and pet-friendly spaces.

Act fast – these deals often require leases to start by February 28, 2026. Moving now could save you hundreds per month before prices rise in spring.

Current Rent Specials and Savings Breakdown

What Properties Are Offering

South Austin suburbs are rolling out enticing rent deals to fill units quickly. The most common offer? Anywhere from 4 to 12 weeks of free rent. For example, Matador is offering a full 12 weeks (that’s three months!) rent-free. Many properties are also sweetening the deal with "look-and-lease" credits – typically $1,000 off if you tour and sign a lease on the same day. Bishop Momo, which has studio apartments starting at $1,349, is offering 8 weeks of free rent to attract tenants. These kinds of incentives can lead to big savings, especially for renters who are ready to negotiate. Let’s break down how these deals impact your monthly rent.

How Free Rent Affects Your Monthly Cost

These rent specials can significantly reduce your overall cost. To figure out the net effective rent, multiply the monthly rent by the number of paid months, then divide by the total lease term. Here’s an example: The Prescott offers 8 weeks free on a 13-month lease, with 1-bedroom units starting at $1,329. After factoring in the free rent, the net effective rent drops to roughly $1,124 per month. That’s a savings of over $200 every month! At Matador, where 1-bedrooms start at $1,098 and 12 weeks are free, the net effective rent falls to about $844 on a 12-month lease. Renters can either take the free rent upfront or spread the savings across the lease to lower each monthly payment. Now, let’s see how these deals stack up against other areas in Austin.

How South Austin Compares to Other Areas

When it comes to rent concessions, South Austin suburbs are leading the way. While the average rent across Austin dropped to around $1,435 per month in 2024, South Austin’s median rent is slightly higher at $1,500 – but with far more generous offers. Compare this to Downtown Austin, where rents average $3,051 for long-term leases, or Round Rock, with an average rent of $2,000, or Cedar Park, and you’ll notice fewer deals in those areas. South Austin’s mix of newer buildings, suburban space, and competitive pricing makes it a top choice for renters looking for the best value this winter.

South Austin Apartments with Rent Specials

South Austin Apartment Rent Specials Comparison February 2026

Ready to save on your next apartment? Let’s dive into some of the standout rent specials currently available in South Austin suburbs.

Prospect: 1.5 Months Free

Prospect is offering 6 weeks of free rent on new leases, with select units starting at just $995. Nestled in the walkable St. Elmo neighborhood off South Congress, this property is perfect for those who work from home, thanks to its live/work units. The community also features a conference room, pool, and 24-hour gym. With most units typically renting at $1,079, this rent special offers a great way to cut costs while enjoying a modern, convenient lifestyle. Let’s see how other properties in South Austin compare.

Lenox SoCo and James on South First: Tailored for Different Lifestyles

Lenox SoCo, located near Southpark Meadows, offers a generous 8 weeks of free rent. The property includes standout amenities like a pickleball court, a cold spa, and onsite hiking trails. Inside, you’ll find quartz countertops, smart entry systems, and even private backyards in select units.

Meanwhile, James on South First provides 6 weeks of free rent and positions residents closer to the vibrant South Congress area. Both communities feature resort-style pools, but the choice comes down to your lifestyle: do you prioritize recreational amenities or easy access to dining and entertainment? Either way, both options deliver excellent value.

Alexan Garza Ranch, Affinity at Southpark Meadows, and Bishop Momo

Bishop Momo stands out with 8 weeks (or 2 months) of free rent, with studio apartments starting at $1,349. It’s one of the best deals in South Austin right now. Alexan Garza Ranch sweetens the deal by offering an application fee credit if you apply within 24 hours of touring. As they promote:

"Enjoy up to 8 weeks FREE base rent plus, receive a credit for application fee for applications received within 24 hours!"

This makes Alexan Garza Ranch a compelling option for renters looking to save.

Affinity at Southpark Meadows, on the other hand, offers 4 weeks of free rent. Its location near major shopping and dining hubs makes it a practical choice for those who value convenience. All three properties are pet-friendly and provide easy access to I-35, ensuring a smooth commute.

How to Get the Most from Rent Specials

Combining Multiple Offers

To maximize your savings, consider stacking multiple offers. Many South Austin properties feature "Look-and-Lease" bonuses, which can add $500 to $1,000 in credits or gift cards if you apply within 24 to 48 hours of touring. Pair these with standard concessions like waived application fees (typically around $100) or reduced deposits to increase your overall savings.

Instead of taking all your free rent upfront, ask about spreading the savings across your lease. Licensed Austin Expert Ross Quade suggests:

"A huge tip: instead of using your free weeks up front, ask if you can prorate the special over your lease term. Say you score 8 weeks free on a $2,000/month apartment – that’s about $3,700 in total savings. Divide that up, and your monthly cost drops by over $300/month."

Additionally, check if you’re eligible for employer programs that could reduce your rent or waive deposits. And don’t shy away from negotiating for extras like waived parking fees, pet fees, or storage costs – especially for units that have been vacant for a while. Timing your lease can also make a big difference.

Best Time to Move In

February is the sweet spot for snagging the best deals, just before the rental market heats up in March. Property managers are often more eager to fill units during this slower season. If you can move in by the end of February 2026, you could lock in offers like 1.5 to 2 months of free rent, which might vanish as competition increases with the arrival of spring.

How to Pick the Right Unit

After finding the best offers and timing your move, make sure your chosen unit qualifies for the advertised specials. Many deals are tied to specific floor plans or "last remaining" units. Always calculate the "Total Monthly Price" rather than just focusing on the base rent. Fees for utilities, trash, and administrative costs can add $100 to $200 to your monthly expenses.

Take the time to review floor plans, confirm utility fees, and check income requirements before applying. Property managers often reserve their best deals for renters who ask directly or work with a local locator who knows about unadvertised offers.

Get Help Finding Your South Austin Apartment

This February, South Austin suburbs are offering 1 to 2 months of free rent at properties like Bishop Momo, Prospect, Lenox SoCo, and Alexan Garza Ranch. These deals won’t last forever – applications must be submitted by February 28, 2026 to lock in your savings before the spring rush ramps up.

Sorting through all the options, floor plans, and potential hidden fees can feel like a full-time job. That’s where Taco Street Locating steps in. With 8 years of experience and over 500 happy renters helped, they’re pros at making your apartment search stress-free. Best of all? Their service is completely free. They handle the heavy lifting – researching, scheduling tours, and managing applications – so you can focus on picking your perfect spot.

No more endless comparisons or back-and-forth with property managers. Taco Street Locating provides a personalized consultation and a detailed spreadsheet tailored to your preferences. They even know about unadvertised specials and which units offer the best value.

FAQs

How do I calculate net effective rent with free weeks?

To figure out your net effective rent, you’ll need to account for any free rent offered and spread its value across the entire lease term. Here’s how you can do it:

Step 1: Multiply the monthly rent by the total lease length. For example, if your rent is $1,500 per month for a 12-month lease, the total is $18,000 ($1,500 × 12).
Step 2: Subtract the value of the free rent. If you’re getting 2 months free, worth $3,000, subtract that from the total rent ($18,000 – $3,000 = $15,000).
Step 3: Divide the adjusted total by the lease length. In this case, $15,000 ÷ 12 = $1,250.

That $1,250 is your actual monthly cost when factoring in the free rent.

Can I prorate the free rent across monthly payments?

When free rent incentives are offered, they’re usually prorated across your monthly payments. Instead of getting the discount as a one-time lump sum, the savings are spread out over the entire lease term. For exact details, it’s best to confirm with your leasing office.

What fees can cancel out rent specials?

When considering rent specials, it’s essential to account for additional costs like application fees, security deposits, and administrative charges. These expenses can chip away at the savings you might gain from rent concessions. To get a clear picture of the deal’s value, make sure to include these fees in your overall budget.