A Residential Real Estate Blog covering the city of Austin, Texas. Highlighting "Off Market" along with Austin Silent Market Inc Real Estate Active MLS Properties for Sale & Lease. Proud Indie ATX Business Advocacy and Local Culture. Curated by Austin Silent Market Broker Associate = George Vance McGee 512.657.9281 direct & email@example.com
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Austin Metro Leasing Market Update - Peak Season Winding Down from Treaty Oak Property Management ATX
Hi George-Vance -
School is about to begin and peak leasing season is winding down! We’re ready for some cooler weather, and we hope that you’re staying out of the heat. As always, I have been monitoring our investor and rental market activity and am excited to share what I'm seeing this month!
July 2023 Duplex and SFR July 2023 stats (below) show a very substantial year over year increase in ‘Average Days On Market’. It is taking a lot longer to lease properties right now. This is due to the heavy saturation of rental inventory available this year, noted in the ‘New Listings’ row in the graphic below.
Other noteworthy observations:
-4.27% Median Sold Price for Duplexes
Another month of 0% change Median Sold Price for SFR
These stabilized and slightly downward rates are reflective of my experience this leasing season, so far. Lease rates stayed the same or slightly below what we were achieving last year, for those units that did experience vacancy. The main goal for landlords always is to eliminate vacancy, and pricing competitively is often the most effective way to do that.
It’s AUGUST now; is there still rental demand? YES! The economic growth of Austin and surrounding areas provide a constant demand for rental inventory. This demand fluctuates, and is stronger in the Spring and Summer (as portrayed in the graphic above), but demand does not stop in the Fall and Winter. Life calls for change, and many people find themselves moving to Austin regardless of the time of year or season. Understand that pricing competitively < aggressively in the slower months is the key to eliminating vacancy.
Always set yourself up for shorter vacancy periods by expiring leases that begin in the Spring to early Summer when rental demand is at its highest. For those leasing rentals NOW through the end of the year, the strategy should be to expire the lease in Spring or Summer 2025. Doing this helps eliminate costly vacancies for landlords!
Quick Maintenance Tip: Remind tenants to conserve energy by unplugging electronics and countertop appliances, turning off lights and keeping blinds and windows closed. Do not turn the air conditioning up during the day and turn down during the night, as this can cause it to work harder. Keep thermostat set to a comfortable temperature so that it does not have to work as hard to regulate.
If you are a landlord, agent or a property owner with questions, please don’t hesitate to contact me! I would love to be a valuable resource for your successful landlord experience, or to help your clients achieve their investment goals.
Have a great week, and I will be back with more in September!
‘I wouldn’t touch Austin, Texas or Seattle, Washington with anybody’s money’ : Grant Cardone says these two major US cities are some of 'the worst markets to be in right now' for real estate investors — here's why Story by Bethan Moorcraft • click here for the exact moneywise article prolific real estate investor Grant Cardone has singled out two U.S. property markets he wouldn’t touch with a 10-foot pole: Austin and Seattle. Cardone shared this hot take — and many others — in an interview with Moneywise after he prompted an AI chatbot to answer the question: “What are the 10 best markets for investing in rental real estate in America?” The AI Smith response started with: “The best markets for investing in real estate in America can vary depending on factors such as population growth, job opportunities, rental demand, affordability and potential rental income.” Up until that point, Cardone — who performed the task live on camera — was pretty happy with the response. But
Recap of Meeting Between the Neighborhood & Zydeco Development That the CCDC Organized On December 6 th , the principals of Zydeco Development, Meghan Yancy and Wes Gilmer, as well as Miguel Rivera with Miro-Rivera Architects, talked with neighborhood residents about its plans for redeveloping thebuilding that formerly housed Nau’s, and where Anthony’s is still located, the parking lot between Anthony’s and Café Medici, the house where the coffee house is located, and the two houses on Eason that back up to the parking lot. Zydeco, a small, local real estate development firm founded by Howard Yancy, closed on all of this real estate about three months ago. Miguel Rivera who lives on Patterson, is Zydeco’s architect for the project. Meghan lives on 14 th Street. During the meeting, Miguel and Meghan emphasized that they understand how important the properties along West Lynn are to the neighborhood, especially the “Nau’s building,” because they are neighbors. Meghan explained