Austin Rents are On the Rise

[Ryan Kelly]

After a fairly flat 2020 in Austin for rents, 2021 is showing strong signs rents can greatly increase, especially with single-family homes. I've helped two landlord clients this past month secure tenants at much higher rents compared with their previous lease. We secured a tenant for one 3/2 one-story home in March at $2,200, up from $1,950 the year before. We leased it in 24 hours. We secured another tenant for a similar 3/2 home at $2,400, up from $1,995 the year before. While rents still lag behind in comparison with the aggressive appreciation in the for-sale market, it's a good sign they are moving nicely in a positive direction for property owners.

For you local landlords out there, what are you seeing with your properties?

[Neil Narayan]

I agree, I rented out 3 homes this week (1 in Leander and 2 in Pflugerville). All went in a couple of days with multiple applicants and above list. Very string housing demand even on the rental side.