As home prices continue to skyrocket in Austin, more people are renting than ever before. With one of the largest student populations in the U.S., Austin has 54.7% of its residents renting compared to 38% in all of Texas. Eight of the eleven Central Austin districts are mostly renters, but you’ll find that rentals are spread out all over Austin including many large family homes.
It’s a great time to own a rental property in Austin and this trend will continue as Austin grows. Since Austin has been voted #1 place to live by U.S. News & World Report, we can expect that the number of renters will increase, so investing in Austin is still a wise choice.
While it may be all upside for rental property owners in Austin, this article speaks to the many factors that are affecting renters and those who may wish to buy a home some day. Buying a home is not everyone’s goal in life, but for those who do wish to own a home, it’s becoming more of a challenge for Austin residents. Even though there are a number of benefits to renting over owning, with the growth of Austin each year there are fewer good options. New housing is being built but can’t always keep up with the demand.
So if you find a rental home that you love, it’s a good idea in this market to stay put! Being a renter has many advantages—e.g., you don’t have to arrange or pay for repairs, or pay property taxes—and renewing your lease guarantees you’ll pay less rent over time than moving each year. If you want to lock in a good price for your rental home consider going with a 2-year lease. We love tenants who want longer leases and stay a long time!