Per Treaty Oak Properties: Austin Metro Rental Statistics: MARCH 2024

 Hi George-Vance,

Hope you’re doing great and enjoying the springtime weather! I’m excited to share the most recent leasing stats from the Austin Metro area. As always, I have been closely monitoring our investor and rental market activity and am including the March 2024 statistics in this newsletter along with my observations and notes.

March 2024 SFR and Duplex Rental Stats below: 

 

MARCH 2024 Takeaways:

• Holding Steady and Very Little Change March 2024 SFR data shows very little change in comparison to 2023, and I’m okay with that. Our low 1.9 months of inventory and 11% decrease in SFR Days on Market is very encouraging. 
  

• Duplex Stats still show that we have a bit more inventory available, following the somewhat unseasonal activity we’ve seen through the Fall and Winter months.
  

• March is the beginning of ‘Leasing Season’, when annual rental demand begins to significantly increase. For those tracking rental demand, the Total SFR Lease amounts in recent history read as follows: 
  

March 2022: 1418 TOTAL LEASES > March 2024: 1563 TOTAL LEASES = 10.23% Increase

March 2021: 1360 TOTAL LEASES > March 2024: 1563 TOTAL LEASES = 14.93% Increase 

March’s ‘Days on Market’ numbers are looking promising, however; It’s still taking a longer time to lease properties than we are used to seeing. When we are faced with a heavily saturated rental market, the only two levers we can pull to efficiently lease a property and eliminate vacancy are: 

1. Price - tweak the price and make your property the deal!

2. Time - it will take longer to lease - more options to choose from and decisions to be made on the applicants side - setting expectations and understanding this likely scenario are equally as important. 

Keep this in mind, as we approach leasing season and landlords experience vacancies and tenant turnover. Ensure that your pricing strategy is focused on overall annual income/profits that will catch up over time with effective tenant retention.

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 appreciate you reading through and tuning in! I will be back with more Austin Metro rental market data next month.