The Modern Austin Residences Apartment Austin Review: Luxury Condo Leasing on Rainey Street, Austin TX

The Modern Austin Residences keeps showing up in my apartment searches. And every time, I have to explain the same thing: this isn’t an apartment building. It’s a 56-story condo tower where individual owners lease out their units. Big difference. That changes everything about your application, your lease terms, and what happens when something breaks.

I’ve tracked downtown Austin pricing across 1,000+ properties for three years, and The Modern sits in a category that confuses renters more than any other: condo lease inventory that gets listed on apartment sites as if it’s a standard rental community. As a licensed Texas REALTOR (TX #679806), I can tell you the practical differences matter more than the marketing.

Here’s what the listing sites won’t tell you: you’re paying $4.43 per square foot for a 1BR at $2,750. You’re leasing from a private owner rather than a management company with standardized policies. And this building has been open for roughly a year with only 8 Google reviews. That’s not enough data to know what living here actually looks like.

Quick Facts: The Modern Austin Residences

A 4.0 Google rating sounds fine until you see the sample size. Eight reviews, and only three of those include actual written feedback. I’ll break down what little data exists in the reviews section below, but the short version: this building doesn’t have enough history to tell you much.

Best For / Skip If

The Modern Makes Sense If:

You want brand-new luxury construction in the Rainey Street District. The Modern delivered in 2025. That means everything is new: the 25-meter lap pool, the fitness center with yoga studio, the sky lounge, the private speakeasy, the 24/7 concierge. You’re the first person using the appliances. Wolf ranges, Sub-Zero or Bosch refrigerators, Electrolux in-unit washer/dryer. If new finishes and a building that hasn’t had time to develop problems matter to you, this checks that box.

You have a large dog and want to live downtown. A 175 lb weight limit with no count limit is one of the most generous pet policies in downtown Austin. Most Rainey Street buildings cap at 50–75 lbs. If you have a German Shepherd or a large breed, your downtown options just expanded. And $0 monthly pet rent? That’s unusual at this price point. You’ll still pay the $500–$1,000 deposit, but no monthly pet rent saves you $25–$35/month compared to most competitors.

You want to live without a car. Walk Score of 93 and Bike Score of 95 are among the highest in Austin. The Ann and Roy Butler Hike and Bike Trail connects directly. Downtown Station (MetroRail Red Line) is 0.4 miles away. Grocery runs, restaurants, and nightlife are on foot. If ditching the car is the goal, this location delivers.

Skip The Modern If:

You’re watching your budget. A 1BR starts at $2,750 for 621 square feet. Add utilities (not included) and renter’s insurance, and your true monthly cost hits $2,920–$3,055 before you’ve bought groceries. If that number makes you uncomfortable, this isn’t your building.

You want standardized screening and leasing policies. Since units are individually owned, screening criteria can vary by owner. One owner might run a basic credit check. Another might require 3x income and perfect rental history. You won’t know the terms until you’ve talked to the listing agent for a specific unit, and those terms aren’t published anywhere I can find.

You’re sensitive to nightlife noise. The Modern sits at the north end of the Rainey Street District. Rainey is a bar district. Thursday through Sunday nights, noise carries. If you’ve read my 700 River review, you know this is a recurring theme for every building on or near Rainey.

Wondering If The Modern Fits Your Situation?

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Location Deep Dive

What’s Actually Nearby

The Modern sits at the corner of Davis and Rainey Streets, at the north end of the Rainey Street District. From here, you can walk right onto the Ann and Roy Butler Hike and Bike Trail, a 10-mile loop around Lady Bird Lake.

Within a 5-minute walk: Banger’s Sausage House and Beer Garden, Emmer and Rye, Clive Bar (directly across the street at 609 Davis), and a rotating lineup of food trucks. Modern Bar, the ground-floor bar inside the building itself, is run by Urban Hospitality. Royal Blue Grocery at The Quincy (51 Rainey St) is the closest option for basics. Waller Beach at Town Lake Metropolitan Park is a short walk south.

Within a 10-minute walk: the 2nd Street District (shops and restaurants), Congress Avenue, and the Convention Center.

You’ll need to drive for: Full grocery runs. Royal Blue covers the basics, but for a real stock-up trip, the closest H-E-B is on East 7th (about 1.5 miles). Trader Joe’s downtown is about a mile away. Whole Foods flagship is 1.5 miles on Lamar. These are walkable in good weather, but you’ll want a car or delivery service for weekly shopping.

Commute Math

If you work downtown or at UT Austin, this is one of the shortest commutes in the city. If you work north of the river (The Domain, Apple, Samsung), plan for 35–50 minutes during peak hours on MoPac or I-35.

The Rainey Street Reality

Rainey Street is where bungalow bars, food trucks, and high-rise towers coexist. It’s a great place to visit. Living here means accepting that the entertainment is also your neighborhood. Thursday through Sunday, the street fills up. Bass from bars carries. Rideshare traffic clogs the streets. During SXSW and ACL, multiply that by three.

The north end of Rainey (where The Modern sits) is slightly removed from where most of the bars are, but “slightly” is relative. If noise bothers you, request a unit facing away from Rainey Street. Lake-facing and east-facing units tend to be quieter. Tour on a Friday or Saturday night before signing. That’s the only honest way to know if the noise level works for you.

Pricing and True Cost

Floor Plans

Why the wide rent ranges within the same square footage? Two things: floor level (higher floors cost more) and which direction the unit faces. A lake view or skyline view will run you more than a unit facing the city or pointing north.

Why There’s No Net Effective Rent Calculation

Here’s something you don’t see often: no building-wide concession. The property’s listing says: “No ongoing concessions other than reduced rents.” That means the listed prices may already be below what the developer originally planned, but there’s no “2 months free” or “6 weeks free” special to run the net effective math on.

Some individual owners have offered move-in incentives on their units. I’ve seen “half off first month” on specific HAR.com listings. But those deals vary from one owner and unit to the next. There’s no standard concession to apply across the board. If you’re comparing The Modern to competing Rainey buildings that are offering 6–10 weeks free on 12-month leases, that math matters. A $2,200/month apartment with 8 weeks free at a competing downtown building could net lower than The Modern’s $2,750 listing price with no concession.

All the Fees

No admin fee. That alone is unusual. Most downtown Austin apartments charge $150–$350 in admin fees, so $0 saves you real money on day one. And $0 monthly pet rent is something you almost never see at this price point. At competing buildings, pet rent runs $25–$35/month per pet.

Good news on parking: it’s included. Every lease listing I found on HAR.com and Apartments.com mentions at least one reserved parking space for 1-2BR units, and two spaces for 3BR and larger. The building has 15 levels of structured garage parking with electric gates and assigned spaces. Valet parking is also listed as a building amenity, though pricing for that service isn’t published. If you need a second spot for a 1BR, ask the listing agent about availability and cost.

True Monthly Cost: 1BR Scenario

Here’s what a 1BR at $2,750 actually costs you monthly:

• Base rent: $2,750
• Electricity (Austin Energy): $60–$120 (seasonal, higher in summer)
• Natural gas (Texas Gas Service): $15–$30
• Water/sewer (Austin Water): $30–$50
• Internet (Google Fiber, AT&T, or Spectrum): $50–$80
• Renter’s insurance: $15–$25
• Parking: $0 (1 reserved space included)
• Trash: $0 (handled by the building)

Estimated true monthly cost: $2,920–$3,055

That puts your annual housing cost at roughly $35,000–$36,700 for a 621 square foot one bedroom. Summer months will push toward the high end when AC runs nonstop.

Want to Know What’s Actually Available Right Now?

Specials and availability at The Modern change unit by unit because individual owners control the listings. I talk to leasing contacts and track owner listings weekly. Fill out the form and I’ll send you what’s currently on the market with real pricing.

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Screening Criteria

Here’s the part that makes The Modern completely different from a traditional apartment: there is no single set of screening criteria.

How Condo Leasing Screening Works

At a standard apartment community, the management company sets one screening policy for every applicant. Credit minimum, income multiplier, background check criteria: it’s the same for everyone applying to every unit.

At The Modern, each unit is owned by a different person. That owner (or their listing agent) decides the screening requirements for their unit. Owner A might accept a 600 credit score if the income is strong. Owner B might require 700+ and a spotless rental history. Owner C might just want proof of income and a security deposit.

This is both the advantage and the risk of condo leasing. Screening might be easier than at a corporate apartment. Or it might be stricter. There’s no way to know until you’ve found a specific unit and asked the owner’s agent about their requirements.

What I Can Tell You About Typical Luxury Condo Screening

Based on how downtown Austin condo leases typically work at this price point:

Most private owners at this price tier expect 3x monthly income before taxes. Some are flexible if you can pay several months up front or offer a larger security deposit. Since each owner sets their own terms, the only way to know for sure is to ask the listing agent for the specific unit you want.

What Likely Gets You Denied

Since this is a luxury condo, owners tend to be selective. Based on patterns I’ve seen at similar downtown Austin condo lease properties:

• Active property debt or collections against a previous landlord
• Recent eviction (within 3–5 years)
• Credit below 600 (though individual owners vary)
• Not enough income or income you can’t document
• Felony convictions (case dependent, varies by owner)

The Application Process

1. Identify a specific available unit
2. Contact the listing agent or Urban Space management
3. Send in your application with $75 fee (non-refundable)
4. Owner/agent reviews and approves or declines
5. Negotiate lease terms and sign

Processing time varies. Some owners respond within 24–48 hours. Others take a week or more.

Here’s what working with a locator gets you at a condo property like this: I can identify which units are currently available for lease, contact the listing agents directly, and find out their screening requirements before you spend $75 on an application. At traditional apartments, pre-screening is straightforward. At condo buildings, it takes legwork because every owner is different.

Resident Reviews Decoded

I need to be direct: there isn’t enough review data to do a proper pattern analysis here. I searched every major review platform for this property: Google, ApartmentRatings, Yelp, Apartments.com, ForRent, Birdeye, RentCafe, Homes.com, and Facebook. Total across all nine: 8 Google reviews and a 4.0 rating. Zero reviews on every other platform. Yelp has a listing page with nothing on it. Apartments.com says “Be the first to rate and review.” Facebook shows “Not yet rated (0 Reviews).” The building is roughly a year old, and there’s basically nothing out there from residents.

What Little Data Exists

Three reviews include actual text. Two of those are positive: one praising Bryn Peters for being on top of things through the whole leasing process, another calling out the “attention to detail” and “great balance of new and classic” in the design. The third is a 1-star review from someone who called and emailed multiple times to schedule a viewing and never got a response.

That last review matters. At a property charging $2,750+ for a 1BR, not returning calls while they’re trying to get your business is a red flag. If they can’t call you back before you sign, what happens when your air conditioning stops working in August?

That’s not a rhetorical question. It’s the reason this review section exists.

Do They Respond to Reviews?

Management does respond to reviews, both positive and negative. The response to the negative review apologized for the frustration. Whether that means anything actually changes is impossible to know with this few reviews.

What to Watch For

Since there aren’t enough reviews to identify patterns, here’s what I’d monitor if I were considering this building:

Maintenance response times. New buildings aren’t problem-free. Plumbing, heating and cooling adjustments, elevator systems: every new tower has growing pains. How fast things get fixed will tell you whether this place delivers.

The condo owner relationship. You’re leasing from a private owner, not from Urbanspace directly. If your sink leaks, who do you call? The owner? Their property manager? The building’s concierge? Get that chain of communication clear before you sign.

Common area upkeep. 19,000 square feet of amenity space across three levels takes a lot of upkeep. Check whether the pool, gym, and sky lounge are all open and in good shape when you tour.

The Uncomfortable Truth

No listing site will write this section. I’m not trying to kill the deal. I just want you to know exactly what you’re signing up for.

You’re Paying Luxury Prices for Small Square Footage

A 1BR at 621 square feet for $2,750 works out to $4.43 per square foot.

That’s steep, even for Rainey Street.

Compare that to 700 River (0.17 miles away), which starts in the low $1,800s with 8 weeks free for larger 1BR floor plans. Or The Quincy (0.02 miles away), which starts at $1,598 for a 1BR. You’re paying a real premium for new construction and condo-grade finishes, but the physical space you’re getting is compact. Make sure you’ve seen the actual unit, not just the amenity photos.

Renewals Are a Wild Card

At a traditional apartment, you know exactly what the renewal terms look like. At a condo, your lease renewal depends on what the owner wants to do. They might sell the unit. They might raise the rent with no cap (Texas has no rent control). They might decide to move in themselves. That’s less stable and less predictable than a regular apartment. That’s the trade-off for potentially flexible screening.

There’s Essentially No Track Record

I searched nine review platforms. The total: 8 Google reviews and nothing else. No ApartmentRatings. No Yelp reviews. No Apartments.com reviews. Zero Facebook reviews. The building opened in 2025. You are, in real terms, betting on a property with almost zero resident feedback. The developer (Urbanspace) is well known in Austin’s condo market, and the construction quality appears high. But “appears” is doing a lot of work in that sentence. First-year buildings always have issues. You just don’t know what those issues are yet because nobody has lived here long enough to report them.

Ready to Move Forward, or Want to See Other Options?

You know what you’re getting into. If The Modern still fits, I can help you work through the condo leasing process and find which units are available. If the price or the condo structure gives you pause, I know every downtown building offering traditional apartment leases with predictable terms.

Get Help Now →

FAQ

Does The Modern Austin Residences allow pets?

Yes. Dogs and cats are allowed with no count limit and a 175 lb weight limit. There are breed restrictions though, so ask the listing agent for the current list. Pet deposit is $500–$1,000 with $0 monthly pet rent.

What credit score do I need to lease at The Modern?

There’s no published credit minimum that applies to the whole building. Each owner runs their own screening. Expect most owners at this price point to look for 650+ credit, though some may be flexible with strong income.

What utilities are included in rent?

None. You pay for electricity (Austin Energy), natural gas (Texas Gas Service), water and sewer (Austin Water), and internet separately. The building covers trash. Budget $170–$305/month total for utilities and internet in a 1BR, with summer months on the higher end because of AC.

Is parking included?

Yes. Every lease listing I’ve pulled up includes at least one reserved garage space for 1-2BR units and two spaces for 3BR and larger. Fifteen levels of structured parking with electric gates. Valet service is also available.

What amenities does The Modern offer?

The building has 19,000 square feet of amenities across three levels: a 25-meter heated lap pool and spa, fitness center with yoga studio, sky lounges with catering kitchens, a 35th-floor speakeasy, coworking spaces, business center, cinema room, dog park with wash station, and 24/7 concierge service.

How does leasing a condo differ from renting a traditional apartment?

Each unit is individually owned. Your lease is with the owner, not with the building. That means screening criteria, deposits, lease terms, and who handles maintenance all vary by unit. Find out who fixes what before you sign.

Is The Modern a good location for commuting?

For downtown and UT Austin commuters, it’s one of the best locations in the city: 0.8 miles to the Capitol, 1.8 miles to campus. For north Austin tech campuses (Apple, The Domain), plan for 35–50 minutes during rush hour.

What are the biggest downsides of living at The Modern?

The three main issues: small units for the price (621 sqft 1BR at $2,750), the unpredictability of condo leasing (owners can sell or raise rent without caps), and almost no resident reviews after just a year.

The Bottom Line: Is The Modern Austin Residences Worth It?

Here’s what’s real about The Modern: the 56-story tower, 2025 construction, Wolf and Sub-Zero appliances, 10’4″ ceilings, windows that run floor to ceiling, and 19,000 square feet of amenities. The Rainey Street location puts you steps from some of the best restaurants and bars in Austin, with direct access to Lady Bird Lake trails. None of that is marketing fluff.

But the math isn’t simple. You’re paying premium pricing for new construction in a condo tower where every lease is different depending on who owns the unit. No building-wide concessions to bring the cost down. And not enough resident reviews to know what you’re getting into.

This property makes sense if:

• Your household income exceeds $100,000 and downtown walkability is your priority
• You value new construction finishes and a building nobody else has lived in
• You have a large dog and need the generous 175 lb pet policy
• You’re comfortable with the flexibility (and unpredictability) of leasing from a private owner

This property doesn’t make sense if:

• You’re looking for the best value per square foot downtown
• You want the predictability of corporate apartment management with standardized screening
• You need rent concessions to make the numbers work
• You prefer a building with an established track record and resident reviews

My honest take: The Modern is for renters who want the newest, most premium option on Rainey Street and can afford to pay for it without needing concessions to close the gap. If that’s you, it’s worth touring. If you’re comparing total cost of living and looking for the strongest first-year deal, other new downtown buildings are offering 6–10 weeks free right now, and that math is hard to beat.

Need Help?

You’ve got everything you need to make up your mind about The Modern. But if you want help:

Fill out the form above and I’ll text you to go over your options. I can check which units are currently available for lease, find out each owner’s screening requirements, and compare total costs against competing Rainey Street properties. You’ll talk to me directly. Not a chatbot. Not a phone tree.

Going solo? Just tell them “Ross Quade from Austin Apartment Team” referred you on your tour and application. Text me at 512-360-0852 when you apply so I can make sure everything’s on track.