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: 

 

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.

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

adrienne@treatyoakproperties.com

treatyoakproperties.com