Rental Deals surge in the Northwest

AUSTIN (KXAN) - Some local apartment experts are gearing up for a surge in new renters.

Apartment finder Richard Chilleri says he expects the rush will take place in the next few months as thousands of mortgages rise to newer, higher rates because of rising interest rates and adjustable rate mortgages.

Like many other finders, Chilleri suggests renters take advantage of the downright deals that are available.

"It's kind of like the Southwest thing. When Southwest dropped their rates yesterday, everyone went wait, I got to jump on board," he said.

Chilleri said the best deals are on the Northwest side of Austin.

"You can get one bedrooms in the North right now with a garden tub for $ 539," he said.

Steve Crossland rents single family homes. He said prices for rental homes are relatively stable.

"We actually have an increase in supply and an increase in demand at the same time," he said.

No matter the type of rental, Chilleri said things might change if his foreclosure predictions come true.

"There's going to be another wave coming of forecloses coming up, which means there's going to be an increase in people wanting apartments," he said.

His advice to those folks, "if you have a foreclosure coming up, and it hasn't hit your credit, get an apartment really quick."