Austin's Popular Rental Market is getting even more tight, according to Austin Board of Realtors.com. Austin has always had a strong rental market because of a large temporary population due to its large universities, local, state and federal government agencies, and start-up companies. However, in just the past year, the market has gotten even stronger.
transient population is attracted to rental over home ownership because
they want to have the freedom to move when they want. Also, many people
come to Austin and fall in love and decide to stay. They rent because
it has the advantage of allowing them to "try out" their favorite
neighborhood before they commit by buying.
Other reasons for
the strong Austin rental market is due to increased restrictions on
residential and single-family construction loans that came after the
housing bubble burst, a large aging population looking to downsize, and
an increase in costs of home ownership for everything from HOA fees to
insurance and taxes.
The Austin rental market is predicted to
continue to climb for the next two to three years. This results in more
competition, and increases the importance on having a correctly filled
out leasing application. Using a professional Apartment Locator
is going to become more important than ever to insure that you've
crossed all your i's and dotted all your t's so your leasing application
won't end up in the rejection pile.