As people continue to pour into Austin we’re seeing demand outpace supply for rental housing causing rents to go up 6% in year over year numbers according to a new report by MPF Research. Occupancy is also at nearly 95%, up 0.9% in year over year numbers as well. Though new rental units are being built all over town, it is predicted demand will continue to outpace supply as Austin grows.
What Do Rising Rents Mean for Real Estate Investors?
With historically low interest rates below 4%, Austin real estate investors who are looking for a long term rental asset should buy now. The market for good rental property is definitely competitive and we are seeing multiple offers within a few days of the quality properties being listed. But, if you are patient and willing to compete, you’ll find something.
Take Advantage of the Influx of People
Real estate investors have a pretty awesome opportunity right now to purchase Austin real estate at very low interest rates. If the city continues to grow as it has over the last decade and rents continue to increase, you will more than thank yourself.
What Do Rising Rents Mean for Home Buyers?
If you’ve been thinking about getting in the housing market, now may be the time. A 30 year, fixed rate mortgage payment will remain the same over the life of the loan so you don’t have to worry about your landlord increasing your rent payment every year.
If you’re not quite ready to buy your last and best house, you might want to consider buying a home in an area where you could rent it when you’re ready to trade up. This way your tenant can be most or all of the expense of the house and in 30 years when it’s paid off, you’ll have a nice income check every month.
Don’t Waste Money Making Your Landlord Rich
You owe it to yourself to speak to a mortgage professional and find out if now is the right time to buy. A reputable, experienced mortgage professional can help you work through the numbers and it won’t cost you a penny! If you need a recommendation, send us an email at info@11OaksRealty.com and we’ll be happy to pass along a few names. Then, when you know how much you can afford, call us at (512) 827-8323 or email us at info@11OaksRealty.com and we can help you determine the right area and home for you. In the meantime, check out our Austin Home Buyer Representation page to get an idea of who we are and how we work.
Thinking of Buying a Home in Austin?
We can help! We know home buying is a process. Even if you aren’t quite ready to buy, but want to talk about the process, email us at info@11OaksRealty.com to set up a no obligation consultation.