High income households are one of the fastest-growing segments in the real estate industry. The Austin area is named one of the top areas for rental properties for high income households. Renters earning $150,000 or more yearly have changed in the way they view the real estate market. The Great Recession of 2008 caused may Americans to rethink real estate investing, especially those in the higher-income bracket. With the shift in the way people view the real estate market, high-income earners are renting because it gives them more flexibility. Now 2.1 million top earners are now renting homes compared to just 774,000 high-income earners in 2007.

Home prices have increased and the lending standards are still strict, which has put some people out of the real estate market. While higher-income earners should be able to qualify for loans, the higher-income loans do require a significant down payment and many of these individuals do not even have $10,000 set aside in savings. Real estate investors are finding their property values have increased nearly 30-46% in several areas across the United States.

Why High Income Earners Aren’t Buying
Some affluent people do not want to buy a home, and prefer the ability to move as they want. Renting higher income homes gives them the possibility to enjoy modern homes and urban areas without needing to commit to the area long-term. There has been a change in the way people look at home ownership, and high-income earners are finding it is easier to enjoy the homes without all the responsibilities that come with home ownership.

High income tenants in Austin, TX are looking for both multi-family and single-family homes. Some of the reasons why people are choosing to rent and not buy in Austin include:
The fallout from the Great Recession
Barriers to home ownership
Rising demand for flexibility and centrality

Renters have been looking for new homes with modern conveniences. Landlords are looking for ways to keep their renters happy and in these homes. Offering modern updates and conveniences along with ensuring proper maintenance of the property is always handling will make your tenants happy. Hiring a property management company is a great idea for anyone investing in high income properties.

Keyrenter Property Management Austin, TX provides residential property management services to landlords of single family homes, duplexes, condos, and small multifamily units. We are not large apartment managers. Our purpose is to help landlords maximize the return on their investment property while eliminating the stressors associated with being a landlord (including bad tenants and maintenance issues). Services we offer include: property analysis, setting rent, tenant placement, leasing services, maintenance coordination, tenant relations, property inspections, rent collection.  We offer superior customer service. Because we know how to find quality tenants that can meet the terms of their lease agreement, using Keyrenter’s 14-point tenant screening process, our eviction rate is below 1%.

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