Yesterday local TV station KVUE aired a report stating that online job posting firm “Indeed” is moving into new their new 220,000 square foot office in north Austin. Currently Indeed is located downtown and employs 500. An interview with Indeed spokesperson Chris Hyams stated that they like Austin because of their tie in with the University of Texas as they hire many graduates. How sweet is that! He also stated that 50% of all job searches for Austin come from people living outside of Texas.
Seems that everyone wants to live here, and that is good news for us investors of local area residential real estate. Except for the traffic – that’s the bad news!
As reported in the June edition of the Austin REALTOR® the 2015 unemployment rent in Travis County was only 3.15% – that is good news. The article went on to state that the majority of jobs created in the last “10” years did not pay enough to meet a family’s basic needs – that is bad news. The article however was silent about the jobs being created today and in recent years and what they pay. I suspect that these most recently created jobs pay well or people wouldn’t be flocking to our area to live in a tent! However our area is seeing escalating home prices and many homes within the city limits of Austin are getting out of the reach of many because the amount needed for a down payment keeps going up and is a hard number to catch. So as property owners of residential rentals we are filling one of life’s basic needs, shelter. As home prices continue to increase so should the rents, and so should our bottom line.
Rick Ebert / Austin, Texas / 1 June 16