Wrapping up the leasing season for 2011 proved to be an incredibly lucrative year for rental investors and home owners. Rentals rates surged in 2011 as compared to 2010. Price per square foot peaked in the 3rd quarter of 2011 at $0.98, representing a $0.07 increase from the same quarter 2010. Rental velocity increased by over 450 residences from 2010 to 2011. It will be interesting to see if leasing velocity continues to rise over 2012. All signs are pointing to prove the rental market in 2012 will continue much as it did in 2011. The interesting factor here will be if rental renewals are strong. With the mortgage rates at an unprecedented low more and more renters are considering it a great chance to buy a home at a low rate.Angelo Angelou, Economist recently reported 39,000 people moved to the Austin area. Predictions of inward migration continue in a positive nature with 42,000 more in 2012 and 48,000 in 2013. With the migration influx you can bet the housing market will continue to tighten, especially the rental market as many people find it easier to first rent, determine where they want to settle in permanently and then purchase a long term home.
Leasing stats compiled from ACTRIS MLS Systems.
Migrations stats shared from ABJ.
Migration Patterns Imagery from Real Estate Center at TAMU
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