You can’t spin around twice in Austin, Texas without seeing something new happening. It seems like every day there is a new business open and it seems like every minute someone new moves to town. Residents are used to the change, sure… but smart Austinites are asking what the change can do for them.
Business-minded people all over the world consider investing in property a smart choice. While it’s a substantial investment that requires maintenance, the costs always figure in to your return. Put that investing into a hot spot location like Austin and that return just got bigger.
While looking around town can tell anyone that Austin is a growing metro with culture and character to spare, it takes more than a look and a feeling to convince the smart investor that this location is perfect for property ownership. But hey, that’s why you’re here… for the facts.
The 2015 Emerging Trends In Real Estate report published by the Urban Land Institute and the PWC states the housing market has stepped “off the roller coaster.” The turmoil of the housing crisis has subsided and the market is stabilizing. The report says residential real estate is set to work within those golden economic principles of supply and demand.
So what does that mean for property investments in Austin? Well there is plenty of demand. A recent article in the Austin Business Journal says that no matter how you slice it, Austin’s population growth is not going to slow down. No, not even the odious conditions of “plague and economic slump” are going to slow this train down. This small town is on the track to becoming a huge city… and all these new residents need somewhere to live. Plus, much of the tech industry in Austin brings in young workers looking for temporary housing to rent with their tech startup paychecks.
Furthermore, the Austin Business Journal reports that housing rental rates are still increasing. The report says rental rates rose 7 per cent over the year of 2014 while the median home value in the area is up 10.8 per cent. Other areas in Texas are also seeing rates rise, but none at quite the level that Austin is seeing. While these rates rise, the average home in Austin is still a more affordable choice than homes in other booming markets like Seattle and Miami.
So with the housing market breathing easy, the population in surefire growth, and the housing prices just in that sweet spot between rising and exuberantly expensive, the Austin residential property market is about as hot as it gets. If you have questions about investing in property in Austin, an experienced, local property management company like Ironrock Properties can point you in the right direction to a successful investment and a profitable future.