Yesterday local news station KVUE ran a piece on the Austin apartment situation. The reporter quoted AustinApartment.com which stated that apartment rents have increased more than 5% this year. This trend is expected to continue because, even though many apartment communities have been built construction is expected to slow down because of tightening lending require- ments. The piece went on to state that renters these days are not necessarily just looking for larger spaces but want amenities. What does this mean for us landlords of single family dwellings? It means that we have to offer housing that is well maintained and in good repair. It also means that we need to offer amenities to go along with the sticks and bricks. In our area such amenities include ceiling fans in the living room and bedrooms, garage door openers, expanded decks or patios, irrigation systems, and similar items. These amenities not only shorten the vacancy period but will be reasons for the tenant to remain in place. Naturally it also adds value to the property.
So owning residential real estate in the Austin area is wise choice that is hard for any other investment to beat.
Rick Ebert / Austin, Texas / 1 Nov 16
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