In the spring 2016 Realtor® Party magazine there was an article stating that  the U.S. Census Bureau reports that rental housing accounts for “more” than 1/3 of the nation’s housing and that this trend has been strong during this last decade in part because of the number of folks that went to foreclosure and in part because of the recession.  Apparently a lot of would be homeowners also are spooked by the perceived risks of owning a home.  Another reason is that renting a home vs. owning a home gives one the mobility and financial flexibility they desire and also frees them from the maintenance responsibilities that with home ownership.

The article stated that in towns having a university that housing is often a premium and that demand is high making the conversion of single family homes into rentals is often an attractive investment.  Austin, San Marcus, and Georgetown are local examples of this claim.  On the flip side of the coin renting is often the only option for low income families.

Now that the recent recession is behind us renting has caused shortage of affordable housing nationwide and in the Austin area I must add.  This is good news if you own rent housing and not very good if you are a renter.  Putting pressure on the availability of affordable rent housing is the increasing number of short-term rentals that have been popping up nationwide.  These short-term rent houses obviously are not on the long-term rental market which adds to the shortage.

When you add to the equation that many would be first time homebuyers, folks in their mid-twenties – and mid-thirties are strapped with large student debt and find it tough to save for a down payment that moves upward with the increasing value of housing, it becomes apparent that there is a great need to provide them with a basic need:  a rent house.  And that is where you and I come into play.  As owners of residential real estate we are in a position to provide a well maintained rental that will bring us financial reward.

Rick Ebert/ Austin, Texas/ 8 July 16