I've been getting lots of questions from investors and potential investors about how COVID is affecting long-term rentals in Austin. I know many investors are looking for long-term appreciation, so they are less concerned about cash flow in Austin. But that doesn't mean they'd be ok with $0 rent! We haven't had any issues with non-payment in our rentals. Interested to hear what types of issues other landlords are facing? Also curious about different property types (SFH vs. condo, etc.). Landlords near downtown/UT, have you noticed a shift? Anybody changed up their strategy because of market changes?
Like you, I haven't noticed anything related to hardships. In fact, I just increased rent by $100 on new lease, found renters to occupy 2 days after the former tenants left. If anything, I'm seeing that the quality of applicants are higher.... the 5 families that applied all had credit scores above 750!!!
The last 2 units I listed leased out in less than a week with multiple applicants. Out of the 50+ investor clients I have none of them had any tenants that defaults on rent
I have also had no issues with quickly leasing or collecting rent
I own 29 units and haven't had any issues with any of them and I'm in 2 different states
Thank you guys! Helpful info
Anytime Lynn! Also belated welcome to this forum and we hope to see you here more often!
The same for me! No issues here. If anything I think I’m going to have the latest tenants not wanting to move anytime soon. This year we will continue to see a low inventory not just for homes on the market but also for apartments.