Skip to main content

Per local Treat Oak Property MgMt; Austin Metro Rental Statistics: February 2024

 Hi George-Vance,


Happy Spring! As we enter into the 2024 Leasing Season (March - June), I’m excited to share the most recent leasing stats from the Austin Metro area. I have been closely monitoring our investor and rental market activity and am including the February 2024 statistics in this newsletter along with observations and notes.


February 2024 SFR and Duplex Rental Stats below: 



VJ_-MJuZ_U6xJgSBmqs7FytRMPmxfO-I68TRRHzCSVd6Ngc59KsrSCJNeANNiQZzlh7AHRS2OlumIBnlqggxAXJJU-bVsBfHONWs4vC3TeG7A3O9rCVZQPO8JBQ9PFQajMrgAeBWl7-Div88nl8wPg8

 


February 2024 Takeaways:


  • INVENTORY, INVENTORY, INVENTORY! February 2024 had a significant increase in rental inventory year over year. For a winter month, when true rental demand is often only just starting to just simmer for the new year, 17% increased SFR and 29% increased Duplex inventory are large amounts. Amounts that certainly put me on high alert. I’ve included a graph below to show the inventory and leased listing trends.

  • WHAT ABOUT RENTAL DEMAND? The Austin-Metro area is showing more signed leases, quite consistently, year over year. That TOTAL LEASES number on the top right column of each chart above confirms this. These numbers indicate that rental demand has continued to increase year over year. It can feel contradictory, to some, to say that we experience agonizingly long days listed on the market and in the same sentence, note that rental demand is up. But, both can be and are factual in this case. 

This rental demand take-away is important to understand, as the combination of increased inventory and increased DOM can, in some cases, cause owner/investor insecurity within the rental market. Personally, I see this as another coachable opportunity to set my client expectations on how to accurately price/market vacant lease listings, as well as how to successfully approach renewal offer strategy with well performing tenants. 

Remaining focused on eliminating vacancy and tenant retention will always produce the best rental performance results, regardless of the market conditions.


91RD641DBU4HQshk02JnFpAMOYXJ4sRcTw9kygVw9RV4pYkYz8uyiL25eR9meNEMY5o4vSEu_whqcCV19j87MNSBA0IzYt5VyNQAMGOprEixkhC5dgRblwfYw1393HXmk_SK1OPdksuN2B0kexuCgQo




Quick Maintenance Tip: Continued Spring Cleaning this month! Clear out rain gutters and drainage systems. Continue to adhere to watering restrictions. Mulch garden beds, spread grass seed/fertilizer and troubleshoot irrigation systems. Be alerted to community bulk trash and compost pick up.


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. 


I hope you enjoy some fun Spring Break activities and warmer weather. I will be back with more in April!


Thank you,




Adrienne Laosa

Managing Partner | Treaty Oak Properties

(512) 913-0870

treatyoakproperties.com

Comments

Post a Comment

Popular posts from this blog

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

Keeping Up with ATX local and Real Estate Broker George Vance McGee....

So GVM, how are you feeling these days? What is the married, family man, new dad lifestyle?  Thanks for asking. Believe it or not, despite my youthful glow and aura, I'm now "over the hill" at 42 years of age. Physically I still feel pretty darn good. I try to cycle often on the hike and bike trail of lady bird lake. I've even bought a bicycle rack for my 2010 Nissan Rogue SUV.  As a Real Estate Industry person, I apologize if my lack of a Range Rover or Mercedes Benz car ownership doesn't suffice. In regards to health, being a newborn dad will really sober you up. Coffee has long since replaced booze in my blood system. When you routinely wake up circa 7:00 am to hug your baby daughter, change her diaper, feed her, have playtime and then drive her to daycare/preschool you need to feel healthy, rested and alert. 1 thing I do miss as a responsible married family man, is the carefree, outgoing, live music and bar hopping nightlife of Austin, Texas. Let's be hone...
Post a Comment
Read more