According to a recent article in our local paper, the Austin American Statesman, the job rate in Austin and our surrounding cities was 3.3% in 2016. This is really great news but the article pointed out that this figure was off a tad from previous years. Payroll increased by 3.8% meaning that employees are earning more money. All of this bodes well for us investors in residential rentals as it means that our area continues to grow and attract both employers and employees who need housing. And since housing is still in short supply here, and since interest rates have increased and look as if they will continue to increase, coupled with the increased price of homes making saving for down payments more difficult, it looks like renting is the option for our new transplants. When you factor in that many people are “choosing” to rent vs. buying a home, such as retirees and minerals, this is driving the average rent price upwards.
Looks like the good times will continue to roll on for us – especially if you own Austin area rentals.
Rick Ebert / Austin, Texas / 26 March 17