As many know the Austin rental market is on fire! According to a HomeUnion study, Austin ranks #8 out of the top 10 strongest rental rate growth cities in the country. Of course, its only a good thing if you own rental property not if you are a renter. According to the study, Austin’s rental rates are expected to grow by 5% in 2016 with a year ending average of $1,787/mo for a single family home. This increase in rent is driven by several factors. The influx of non-native Austinites is one of the driving factors but more importantly the study found that more potential home buyers are choosing to rent instead of buy. This is due to the fact that home prices in Austin have increased dramatically which leaves most prospective buyers with no choice but to rent. As long as the tech sector continues and the job growth stays strong we will only see rents go up over time.
Austin Rental Market 2016
About the Author: Brent
Brent Bockholt is the Co-Owner of Austin Property Team (APT) and is in charge of the overall operations and business development. He is an active member of the Austin Board of Realtor (ABOR), the National Association of Residential Property Managers (NARPM) and a licensed Realtor ®