Hi George-Vance,
As we sail into February, I’m excited to share the Austin Metro rental/leasing data for our first month of the New Year! As always, I have been closely monitoring our investor and rental market activity in the Austin Metro Area and I am including the January 2024 statistics in this newsletter along with observations and notes.
January 2024 SFR and Duplex Rental Stats below:
Main Takeaways:
- DAYS ON MARKET (DOM) REMAIN HIGH One of two consistent trends continuing from 2023 to 2024 (for now) is that it's taking a lot more time to lease properties. The largest contributing factor for this in 2023 was due to the large increase in inventory available for lease on the market. However - a notable change in the inventory we see in January 2024 is that we have a decrease in new SFR listings YOY. I will continue to track inventory closely this year (along with everything else) in relation to DOM.
- We can combat Days on Market by focusing on TWO THINGS. Eliminating Vacancy and Tenant Retention. We always work to keep great tenants in place and avoid turnover. What does this look like for you or your tenants or your lease listing?
- RENTAL RATES TREND DOWN SLIGHLTY The second consistent trend continuing over to 2024 (for now) is the slight decrease in rental rate, YOY. Emphasis on slight. For the past several months, we have seen the Median Sold Price (displayed as Median Lease Rate) either stay firm at 0% change OR present a slight decrease. Personally, I continue to wait until peak leasing season (March-June) to really take the rental market's temperature.
Quick Maintenance Tip: With Spring time approaching, it's best practice to remind/encourage tenants to prioritize and participate in both interior and exterior ‘Spring Cleaning’. This includes but is not limited to participating in bulk trash pickups, yard maintenance and lawn fertilization/watering/flower bed clearing. On the landlord's side, fence maintenance, gutter cleaning and seed distribution or sod replacement are also important to put on your checklist for the Spring!
If you are a landlord, Realtor or a property owner with questions, please reach out. I would love to be a valuable resource for your successful landlord experience, or to help your clients achieve their investment goals.
Thank you,
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