Skip to main content

Austin, Texas Metro Rental/Leasing Statistics: January 2024

 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.


Have a great rest of your week. I will be back with more in March.

Thank you,

Comments

Post a Comment

Popular posts from this blog

Sad News. Tim Harrington of Austin, Texas passed away in mid-February 2024 from a heart attack. His Memorial Service is 2/29/2024 2 pm, @ Austin Ridge Bible Church in Westlake.

The Above Photo was taken by Jim Innes during his Podium Eulogy talk for Tim Harrington. To Say the Westlake Austin Ridge Bible Church memorial service was PACKED, would be an understatement. Tim Harrington was a good man, and friend of many. He was relatable, authentic, funny, caring and social.    George Vance..... Just making sure you know that Tim Harrington passed away last weekend. Heart attack.  Tim’s Memorial Service will be: 2/29/24 at 2 PM at Austin Ridge Bible Church at 9300 Bee Cave Rd, Austin, TX 78733 in Westlake. At the Worship Center building. Please spread the word. GVM speaking here, "Tim showed up on my 40th birthday at Pitch N Putt for an afternoon of golf and bullshit. Tim was in good spirits that afternoon after boasting of his mega million dollar commercial fresh sale in SoCo. St. Elmo @ the ol' Hills Cafe.   Tim was a former SOUTHWESTERN door to door salesman and alumnus like me. A fellow bookman. Tim showed up @ my BookPeople booksignin...
Post a Comment
Read more

Bonnie Fish McGee's Spooky 1st Birthday Party! Oct. 19th, 2024. Good times.

 
Post a Comment
Read more

Austin, Texas has a DOG PROBLEM.....

  Austin, Texas has a DOG problem (Letter I wrote and sent) Dear Austin City Council Members, Hello and well regards, Yesterday afternoon during a simple bicycle pedal exercise ride, I was physically chased by an unleashed Pitbull dog in ZILKER PARK. Then directly after recovering from almost being mauled by an unleashed pit-bull in Zilker Park, I attempted to buy a Gatorade at a nearby Barton Springs Road Market, but that didn't go well either, as an interior Market commercial customer had a massive mixed breed dog trolling through the diminutive shopping isles. Then this morning, at a Coffee shop on SoCo, there was only 1 entry way in and out, and there was another large, although more docile mixed breed dog. All of this has occurred in less than 24 hours. What's the point? The City of Austin's dog friendliness and citizen enabling of irresponsible dog owners has gotten out of control. Newsflash! Not everybody like dogs, being everywhere all the time. especially within ...
2 comments
Read more