Investors can rejoice in the state of the rental market in Austin, as it is up 6% from 2018! Austin is on track to continue to be one of the top housing markets. According to Trulia.com, the Austin rental market is thriving thanks to new employment opportunities. Some of the other metros poised to significantly grow this year include:
- Colorado Springs, CO
- Grand Rapids, MI
- Jacksonville, FL
- Bakersfield, CA
- El Paso, TX
According to RentCafe.com. the housing market conditions are ranked based on several elements, one of which is employment growth. The residential vacancy rates and the median home listing prices are included in this calculation to determine the market conditions. Starter home affordability is ranked poorly in Austin, which does make it challenging for many people to purchase, forcing them to seek out rental options.
In addition to home rate affordability, Trulia uses a tool to determine the “hottest neighborhood” in the area. Some things they use include how many days a home was on the market compared to the prior year. Areas in close proximity to the airport showed a 16 percent increase in home rates. Most of the homes on the market were on for less than 43 days.
Austin is America’s Fastest Growing City
In a recent study, Austin was found to be America’s fastest growing city. Researchers used jobs and economic growth with socio-demographics to determine the projected job growth and poverty rate. With the number of startups in the Austin area, the growth has exceeded previous projections.
Between 2016 and 2017, Austin’s population gained over 55,000 new residents. Investors are finding multi-unit complexes to be an excellent income source with the number of people in need of housing. However, maintaining the units and tenants can be challenging. Anyone considering investing in Austin real estate rental property should consider hiring a property management company to make the process easier.
Some of the job growth opportunities in Austin include:
- University of Texas
- Progressive Insurance
- Whole Foods
Contact Keyrenter Property Management Austin for additional information about real estate investment opportunities. Our experts are here to provide solutions for homeowners and real estate investors.