Investing in real estate can help you build your wealth gradually and consistently, as long as you do it correctly and choose the right place to invest in property.
The city and neighborhood in which you buy will determine the types of tenants you’ll find, your vacancy rate, and your rent price. Also, you should take into consideration the local landlord-tenant laws to make sure you’re doing everything in accordance with the law.
As the capital city of Texas and one of the fastest-growing cities in the country, Austin offers many opportunities for real estate investors. At Keyrenter Austin, we understand that investing in real estate requires careful planning, research, and strategy to ensure it’s a success.
That’s why we’ve put together this article to dive into the top reasons for buying investment property in Austin.
Why You Should Invest in Austin
Austin, TX, is a fast-growing city with plenty of investing opportunities, from short-term vacation rentals to long-term rental units. Plus, there are many great areas to invest in in Austin, such as East Austin and Hyde Park.
If you’re still not sure whether this is the right choice for you, we’ve got you covered! Below are the top eight reasons to invest in the capital of Texas.
Low Cost of Living
One of the main reasons so many people relocate to Austin is because of its growing job market and low cost of living. People living in this city can easily find a good job with a decent salary. Plus, given that the cost of living is cheaper than in other big cities, they don’t have to spend all of their income on just food and housing.
Additionally, the price of homes in Austin is relatively inexpensive compared to other cities of the same size. This makes Austin a great place to invest in real estate, whether you’re looking to move into the city or simply want to invest in a rental property.
Growing Job Market
Austin is considered the top city for economic growth in Texas, as well as one of the fastest-growing cities in the country. With a strong presence of established businesses, both big and small, as well as numerous start-ups, there are many well-paid job opportunities in this city.
Plus, many industries are growing in this city, including healthcare, entertainment, education, and engineering. The diversity of jobs across these industries and the abundance of good-paying jobs bring thousands of newcomers to Austin every year. And as the job market grows, so does the need for rental accommodations!
Texas landlord-tenant laws take into consideration a landlord’s rights when it comes to issues regarding security deposits and eviction notices. Additionally, in Texas, landlords don’t have a state-wide requirement to obtain a license to rent out their property. This makes it one of the most landlord-friendly states in the nation.
Great Public Transportation
Austin stands out for its high-quality public transportation. The city offers extensive bus and rail lines that go through the downtown areas, as well as the outlying suburbs. Because of this, most residents prefer to use public transportation than drive to work or school.
Additionally, Austin is an extremely walkable city. You can get anywhere on foot or by biking. This city has numerous bike trails and is expected to create even more in the upcoming years. This makes Austin an accessible and eco-friendly city!
Austin has a high-quality schooling system, with a wide array of public and private schools across the city. Additionally, this city is home to the University of Texas at Austin, St. Edward’s University, and Concordia University. These institutions provide a superior education in areas such as education, technology, healthcare, and other in-demand careers.
Austin attracts thousands of new residents every year. One of the main reasons for this is that this city has diverse neighborhoods that suit newcomers’ needs, preferences, and budgets. As a landlord in Austin, it’s easier to find the right type of tenant for your rental unit!
Low Crime Rates
While some cities earn a reputation for high crime rates, Austin enjoys rates that are well below the national average. Looking for maximum safety? The most secure locations in Austin tend to be on the west side, in Old Enfield, Hyde Park, and Rollingwood.
Austin is a city with a rich history and a passion for the arts. Its vibrant arts and culture scene provides endless attractions for both residents and tourists.
Among the biggest historical and artistic attractions in Austin are the African American Cultural and Heritage Facility, Austin’s hundreds of public art displays called Art in Public Places, Austin Film Society events, The People’s Gallery showcase of Austin artists, and Austin Arts District.
Also, Austin has a growing culinary culture with countless restaurants to try. And, if you’re into music, you’ll enjoy Austin’s live music scene. You’re bound to find great music at local spots such as The Saxon Pub, Paramount Theater, and Empire Control Room, as well as in the numerous music festivals held in Austin each year.
Austin also possesses a growing outdoor culture that keeps its residents healthy and happy. The city has more than 200 parks, 250 gyms, 30 swimming holes, various lakes, and numerous walking and hiking trails. With its beautiful weather and countless outdoor spaces, there are numerous outdoor activities to do in Austin!
Austin is a great city to start investing in real estate. This growing city has low crime rates, affordable housing, and landlord-friendly laws that can help you easily grow the return on your investment. Now that you know the main reasons to invest in Austin, you can take the next steps to buy a rental property in this city.
If want to learn more about the best areas to invest in Austin or are looking for a seasoned property management company in this city, contact Keyrenter Austin today! We offer a wide range of full-service property management services to turn your investment into a profitable business.