ALN (ALNsystems.com) has released apartment market data for large Texas metro areas. For the year ending last month:
Occupancy in Austin increased from 93.6 percent in November 2006 to 93.7 percent in November 2007. Average monthly rent increased from $776 to $831, a 7.1 percent jump.
Occupancy in Dallas increased from 90 to 90.8 percent. Rent increased 5.4 percent, going from $753 to $794.
Occupancy in Fort Worth dropped from 89.9 to 88.8 percent. Rent rose from $667 to $702, a 5.2 percent increase.
Occupancy in Houston decreased from 90.4 to 89.3 percent. Rent increased by 3.1 percent, going from $713 to $735.
Occupancy in San Antonio held steady at 90.6 percent. Rent increased 3.8 percent, going from $679 to $705. ALNsystems.com
We're seeing this effecting the rental market in less time on the market to lease and higher rents (moving higher rents, $50-150 upon re-lease). If you own properties in Texas, you'll understand that fewer homes for lease on the market and a trend in higher rents makes owning investment homes that much sweeter!
I've got 2 examples for investors right now; two homes for sale, located close in to town in South Austin, with projected rents to increase 50-100 dollars. These homes should lease quickly, historically under 30 days each.
2212 Melissa Oaks: MLS #7796004; was renting at 1050; projected rent 1100-1150; includes all appliances!
9219 Rowlands Sayles: MLS#: 3678590
Minutes from downtown; currently occupied at 1025; rents next time up to 1100.
Historically these homes have rented without lapse of month to month and rents are on the upswing.
Please contact us for details--512-627-3711
If you don't own rental properties, it's a great time to get started as we're seeing a buyers market in the real estate SALES now; so you're getting a favorable rental market along with a favorable buyers market...Time to Invest!
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