Rents are going up and it is a great time to be a landlord. The demand for leases has increased however, they are seeing tenants with situations or credit problems. The criteria for tenants have not changed BUT property managers have had to work with people. Important is, can they pay rent AND can they take care of the property? My property manager also listed why 34 of their first tenants have moved out in the first quarter of this year:
10 - Financial issues
9 - Purchased homes
3 - Job transfer
2 - Deceased
3 - Got married
5 - Landlord wanted to sell
1 - Broke the lease, left a mess
1 - Property Manager asked tenant to move due to complaints.
Statistics-wise, in Austin, (the number of units) Leases were up 5% in February compared to last February. The average lease rate was 1,280, up 12% compared to last February.
If you are considering purchasing investment property, please give me a call at (512)786-7355. I will also be happy to provide you with potential lease rates of the property you are considering purchasing. If you are looking for a place to rent, here is my website to view rentals in Austin under 3,000 a month. I also do residential leases and can help you find a home to lease in Austin, TX.
