According to an article in today's Austin American Statesman, Austin's apartment rents are rising as occupancy increases. This trend is expected to continue well into 2011 as Austin's job market remains strong, population will continue to increase, and fewer new apartments/rentals are being constructed due to tightened lending.
This is no great shock considering how hard it's been the past few months to find & compete for rental properties on behalf of my clients. I've even see rising rental rates push some people into seriously considering buying a property instead. In fact, many parts of Austin including homes in 78745 make a strong case for buying verses renting over the long term.
In any case, rising rental rates mean rising property values, which is at least some comfort to home owners looking for signs of a recovering housing market.
Rob Albertson is a Realtor and proud South Austinite for over 10 years. He specializes in South Austin Homes for Austin Fine Properties, a Private Label Realty Company, and can be reached at 512.653.8939 or rob@austinfineproperties.com.
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