Austin has been making headline after headline for the real estate boom that the area has been enjoying over the last year. What has been less widely reported are the increasing rental rates that are benefitting property owners all over the city and the country. If you already own property in Austin, now is a great time to consider renting as a residual income source or as a new investment business. Property is at a premium in Austin because of how hard it is to come by anything that stays on the market for any stretch of time.
According to rentjungle.com, Austin rental prices for a one-bedroom apartment have increased from approximately $757/month in July 2009 to $1,203/month as of February 2016. This change in rent reflects the changing landscape of Austin, particularly when it comes to real estate and rental property investment. It’s a good time to be a property owner with a quality or long-term renter in Austin.
The highest rent trend tends to be Downtown and Old West Austin, closely followed by the sought after Zilker and Bouldin neighborhoods. Hyde Park, North Loop and Rosedale come behind to round out the middle range with the University of Texas and Saint Edwards. The rental cost lets up as one moves further north to North Lamar and North Austin in general. The gap in rent spans from approximately $2,149 at the higher range to $873 at the lowest end of the Austin rental market.
These numbers will continue to increase based on this article from Culturemap Austin. Projections show Austin rental prices jumping another fiver percent this year. On top of the rent hike, more people are renting over buying homes because of the rising cost of housing in the Austin-metro area. And why wouldn’t all these folks want to move to Austin? With some of the best entertainment, top walkable neighborhoods and a growing job market, Austin is the place to be. Our strong economy is serving Austin well and will continue to attract more and more renters to the area.
With the ban of Type 2 short-term leases, more property owners are finding themselves in need of property management assistance, especially if they are at a distance from Austin. People who didn’t intend to spend a lot of time and energy on their rental properties are now in a tricky situation needing longer-term renters with quality rental history. With the crazy real estate and rental market predictions for Austin, any property investor whether they have one door or sixty, ought to be making sure to look for a trustworthy and dedicated property management company like TALK Property Management.
TALK Property Management has years of experience in the Austin market and can help property owners navigate every step of the way through the rental process from finding tenants to ensuring their property is taken care of and their renters are following through with their responsibilities. Happy tenants make for long-term tenants. Long-term tenants make for happy property investors and when you’re happy, we’re happy. Give us a call today to learn how we can help you take advantage of the skyrocketing rental investment market in Austin.