Are Austin Rental Rates Too High?

Yes, if you having been renting for the past or so.  No, if you compare owning a house in Austin, Texas and a rental home.

Think about it.  The average rental rate for a 3 bedroom currently in Austin, Texas is $1,475 a month with a matching deposit compared to buying the same 3 bedroom house with a $1,150 a month payment and between 0 to $5,000 down payment.

Now I’m not saying you should rent.  I’m saying to look closer at buying vs. renting and determine how long you would be there.  With this information you should be able calculate the pros and cons.

For more information about this topic or to discuss your options, Call Mike Cusimano with Premiere Team Real Etsate at 512-795-9918.

Mike Cusimano is a licensed Broker with the Texas Real Estate Commission and a member of the Austin Board of Realtors.  He has helped over 3000 families with buying, selling or leasing a home and specializes in Austin, Cedar Park, Leander, Pflugerville and Round Rock, TX.

Is Renting Better?

Why keep renting a home when you could own? Mortgage interest rates are at all time lows, only 3 to 4%. It’s a great time to buy in Austin, Cedar Park, Leander, Pflugerville, Round Rock, Texas and outlining areas.

Did you know as a tenant every month part of your rent goes towards lowering your Landlord’s mortgage? Did you know as a tenant you are paying off the Landlord’s house that you live in? In other words, you are throwing money away.

All that money you spend in rent each month on rent could be going towards paying off your mortgage not your Landlord.

Do you have Bad Credit, No Down Payment or are you Self-employed? We can help you get Homeownership!

Are you stuck in a lease? Buy from me, I’ll take over your lease for FREE!

It’s an easy process and it only takes 10 to 15 minutes to get started. Call now and we’ll give you a 13 month Residential Service Contract (Home Warranty) for FREE at closing. Mike Cusimano with Premiere Team Real Estate at 512-795-9918

Austin, Texas Rental Rates Continue to Rise

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.

New Apartment Communities Under Construction

Recently it was announced that New Home and Apartment Builders will begin building new communities throughout the Austin, Texas Metro areas due to the high demand for new homes and lack of available apartment rentals.

This comes at no surprise to me since it was also stated that more than 88,000 people are forecasted to move into Austin and it’s surrounding cities over the next 2 years.

Current rental home inventory continues to tighten and rental rates follow as the real estate market in Austin, Texas and surround areas shows signs of a landlord and seller market.

As the tenants begin to buy instead of renting, New Home Builders flood established Apartment Communities with print material on a weekly basis.

Most print materials are being mailed as a postcard and state something like this, “Why Rent?, Buy Now! – No Monry Down, Monthly Payments Less than Rent.  Up to $15,000 in Upgrades and FREE Appliance Package or Gift Cerficate.”

If you are thinking about moving to another apartment, rental home or buying a new or resale home, Call Mike Cusimano with Premiere Team Real Estate today at 512-795-9918.  Don’t forget to Ask about our Lease Buy Out Program and FREE Moving Program.

Austin Renters Must Ask 3 Questions

As the first quater of 2012 comes to an end, it is apparent that the Austin real estate market is on a come back.  There are many reasons why homes in Austin and surrounding areas are selling faster and for more money.

  1. Low interest rates – In fact, we are still seeing rates as low as 3% mortgage rates with certain loan programs
  2. Recent increase in population – New employers are setting up shop in Austin and surrounding areas.  Thus, new job opportunities.
  3. Rental rate increases of over 20% in the past 6 months.
  4. New loan programs being offered to qualified buyers not offered before.  
  5. Low rental inventory – In fact, I visited an onsite leasing agent yesterday and she stated that her apartment complex is at an all time high of 99% occupancy rate.

Now for the questions you need to ask yourself when deciding if you should buy a home or continue to rent.

  1. Do I plan on living in the Austin and surrounding area for at least the next 3 to 5 years?
  2. Can I qualify to buy a homes in the Austin and surrounding area? 
  3. Do I know where I want to live in the Austin and sorrounding area?

If you answered “Yes” to all of the questions above, buying a home should become a high priority. 

Many experts have stated the forecast for the Austin real estate market shows strong signs of continued increase in rental rates, job growth, population, new employers and less housing inventory over the next 4 to 5 years.

If you are thinking about buying or renting, call Premiere Team Real Estate today at 512-345-1919.  Don’t forget to ask about our “Lease Buy Out Program and Exclusive Home Buyer Rebate Plan of up to $5,000.

Renters Lose the Battle with Landlords

It’s hard to believe that the rental housing market in Austin, Texas is among the strong in the nation and continues to strenghten monthly.

It has been predicted that 88,000+ people will call Austin, Cedar Park, Pflugerville and Round Rock, Texas home over the next 2 years.

With that in mind, new home builders and investors are looking for land to build homes, apartments and duplexes on. 

The average rental rate for a 3-2 home has increased over 17% over the past 6 months and apartments up 22% in some locations.  This is due to the lack of rental home and apartment units available for rent.

Also, as we come to the end of the first quarter, home sales are up over 12% compared to last year this same time.  Many people think it is due to the low interest rates, home prices and lack of available rental homes.

In fact, one out of four homes are being purchased by investors looking to cash in on the future anticipation of another super real estate market like in the early 2000’s. 

In summary, if you are thinking about buying now is the time.  Not sure if you qualify?  There are a few options that most buyers may not be aware of. 

If you are thinking about buying in Austin, Cedar Park, Pflugerville or Round Rock, Texas give me a call to discuss all of your options.  After all, there are many ways to skin a cat.  Call Premiere Team Real Estate at 512-345-1919.

Austin’s Rental Rates continue to Rise

I have been tracking the rental market on a weekly basis for over 2 years.  As I have been predicting, apartment inventory and rental home inventory continues to decrease and rental rates continue to rise as a result of supply and demand.

The Austin Board of Realtors stated in Febraury’s edition of Austin Realtor that rental rates should continue to rise far into 2014.  Many reasons given is the increase of recent and future population due to many new and expanding businesses to include the Formula One race track set to open this November.

Currently I see renters racing to beat out others with their applications in hand as rental homes and apartments come available.  In fact, even the most unattractive homes and apartments for lease are leasing within 2 weeks. 

This is likely to continue even with more tenants taking the big jump into home ownership while interest rates are very low and the housing market is still affordable.

As 2012 moves forward, I see more new and resale home sales, new apartment communities being built and an increase in home values. 

In summary, now is a great time to buy before home prices get out of hand and interest rates go back up to average rates of  6 to 7%.  Also, if you think or know you do not qualify, call Premiere Team Real Estate and ask about creative financing and about our lease buy out program. Call 512-345-1919 anytime

Rental Rates Up to Almost 12% – Austin, Texas

The Austin Rental Market continues to tighten causing less homes for rent and rental rates to go up.  Over the past 6 months, I’ve seen the average 3 bedroom rental home go up to over 12% and apartments by almost 20%.

Among the hardest areas to find available rental homes and apartments are in the Northwest Austin and Cedar Park, Texas areas. 

Northwest Austin and Cedar Park have been strong rental and sales markets for the past 12 months.   As of February 19, 2012 there are less than 150 homes available for rent.  Based on statistics, the average occupancy rate is 98% and rental homes are leasing in less than 2 weeks.

For more information, Call Premiere Team Real Estate @ 512-794-9914

Rental Rates Still on the Rise

As we head into the spring home buying season in the Austin, Texas and surrounding areas, home rental are still rising.  In fact, the average 3 bedroom – 2 bath home with a 2 car garage is leasing for $1442 per month.  This is up just over $25 per month compared to last month.  The provided statistics were taken from Austin Board of Realtors on January 6, 2012.

Normally in the Austin, Texas and surround areas this time of year, we see the rental home inventory increase as renters head for home purchases.  Currently, statistics show that rental home inventory is actually decreasing which is why rental rates are increasing.  It’s simply about supply and demand.

What’s interesting though is that home loan interest rates are still around 4% and the home buying market in the Austin, Texas and surrounding areas is showing a stronger than expected increase in home sales compared to this time last year.

I could explain more about what is happening but I want to know what you think. Your comments could win you a $25 gift card.

By the way, if you buy a house through me, I’ll take over your lease for FREE.  Click here for more details or call Premiere Team Real Estate at 512-345-1919 anytime.

Landlord Must Provide Letter to Denied Tenants

Property Managers, Lanlords and Tenants BEWARE: New requirements by the Fair Credit Reporting Act (FCRA) was signed into law by President Obama in July of 2010. These new requirements have been in effect since July 21, 2011.

This new policy requires the Landlord to provide specific information to the tenant if the Landlord is doing one of the following based on credit:

* denying the lease/rental application * requiring a co-signer or guarantor
* requiring a higher security deposit * requiring an increased rent amount

If such an action is taken based on the tenant’s credit score, then the following information must be provided to the applicant:

* credit score * entity that created the credit report
* date of the credit report * range of possible scores within the model used
* the key factors, not exceeding four, that affected the credit score

For more informatioin about buying, leasiing, selling or property managment, call Premiere Team Real Estate or Premiere Team Management at 512-795-9918

Provided information was taken from many sources such as FCRA, National Tenant Network and other recent articles.