In a recent article in Imagine Magazine, it was reported that Austin is poised to become the 10th most populous city in the USA. Currently Austin is number 11 and San Jose is ranked number 10 in population. Austin rising in the ranks is due to the continued population growth of Austin and the continued population decrease in San Jose. It is predicted that Austin will hit the 1 million mark in late 2020. The population of San Jose (the city where I was raised and lived for 30+ years) decreased 6.1%, losing 6,225 citizens from 2018 to 2019.
Angelos Angelou, a local economic guru, predicts that Austin will add “only” 35,000 people this year. That equates to 96 people a day coming here to live and work. He also predicts that Austin will add 45,000 people in 2021. He went on to state that COVID-19 pandemic is one of the reasons that more people are not moving to Austin.
According to data provided by the US Census Bureau Austin growth is 1.68% per year.
This is great news for us investors of Austin area residential real estate. All of these new transplants need housing and we are in the housing business. The best bet is to have a well maintained rental that is appropriately priced. With the area rents remaining strong and real estate continue to appreciate, residential real estate makes good sense.
Rick Ebert / Austin, Texas / 24 June 20