Don't know if there are any last-minute people looking for lodging in Austin, but ex-Anthem editor, Jennifer Nies' sister is renting out her awesome and super-central studio apartment that sleeps 4. You can tell her I sent you!
Photos in the listing: http://austin.craigslist.org/vac/1075904459.html
$200 SXSW - DWNTWN on lake sleeps 4 (downtown) (map)
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Date: 2009-03-15, 10:48AM CDT
I am renting out my studio for the 18 - 24 or any portion there of. It has a queen bed and a double bed. It has a kitchen with all the amenities. You would be 10 mins walking from all the the SXSW action. and it is right on the lake and the greenbelt. I am asking 200/ per night. Let me know if you are interested.