Friday, April 13, 2012

Austin's Popular Rental Market

A+ Apartment Locating CardAustin'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.

This more 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.