As rental homes and apartments inventory in Austin, Texas shrinks rental rates continue to rise. In fact, rental homes in Austin, Texas have risen over $125 for an average 3 bedroom – 2 compared to this same time last year.
There are many reasons for this. One reason is that Austin, Texas has continued to be ranked as one of the top 10 best places to live and work for over the past decade. With the abundance of things to do to include the live music scene, beautiful Lake Travis and Lake Austin, new job openings and lower cost of living it’s no wonder why more and more people continue to flock to Austin, Texas each year.
As the population continues to grow so does the demand on Austin rental homes, apartments and Austin homes for sale. With that in mind, the only way to provide enough rental homes and apartments is to continue to build more single family and multi-family neighborhoods.
I recently attended an economic forecast for the Austin, Texas housing market and it was stated that Austin, Texas rental home rates will continue to rise an average of 5 % a year over the next 3 to 5 years due to the lack of apartment units and rental homes.
Unfortunately, because of the amount of time it takes to aquire land, get zoning and develope it they state we are about 2 years behind. The great news is there are several single family and multi-family developements in the works. However, because there is virtually no more land in and around Austin, Texas renters and new home buyers will be forced to live in surrounding cities like Cedar Park, Leander, Pflugerville and Round Rock, Texas.
Not to worry though because with the recent light rail system in place one can commute to and from downtown Austin, Texas in just about 20 minutes or so.
For more information concerning buying or leasing homes in Austin, Cedar Park, Leander, Pflugerville and Round Rock, Texas, call Mike Cusimano with Premiere Team Real Estate at 512-795-9918.