Austin, TX: Live Music Capital of the World
Austin has an estimated population of 961,855 residents, making it the fourth-most populous city in the state. It also serves as Texas’s capital city and the county seat of Travis County.
Austin is known for its vibrant culture and contemporary life as well as its numerous natural attractions. Residents and tourists enjoy visiting the city’s many features, including but not limited to the Texas Capitol, the Blanton Museum of Art, Zilker Park, the Barton Springs Municipal Pool, McKinney Falls State Park, and Lady Bird Lake. The city also hosts annual events such as the O. Henry Pun-Off, Austin Pride Festival & Parade, the Pecan Street Festival, and the Austin City Limits Music Festival, among countless others.
Food plays a major role in the culture of Austin. The city is famous for its Tex-Mex cuisine, Texas barbecue, and a large concentration of food trucks. Additionally, Austin is also home to several microbreweries.
While all these contribute to Austin’s tourism and growing population, the city also draws in new residents for other reasons. Austin has excellent public schools, a diverse community, and fair weather. The city also boasts great public transportation and relatively affordable housing. To top it all off, Austin is a haven for high-tech companies, earning it the nickname “Silicon Hills.”
How Is Austin’s Rental Market?
In Austin, the median listing price for a home is $384,800, which is 69% higher than the national median. Though, residents also tend to earn more money in this city. In fact, the median household income in Austin is $71,576. Still, more than half of the population are renters, perhaps due to the high sale price of homes. Renters make up 54.9% of Austin’s residents.
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However, a high renter population does not mean rent is cheap. In 2019, the median rent in Austin was $1,327. This is about $300 more expensive than both the national median and the state median. In terms of vacancy rates, Austin boasts a fairly average rate. In 2019, the vacancy rate in Austin was 5.57%, whereas the national rate was 5.97%.
Image via deptofnumbers.com
Texas does have a higher property tax rate than some other states. Property investors should not be put off by this, though. In addition to a large renter population, high rent, and low vacancy rates, Austin is also generally landlord-friendly. You can also get a management company to help manage your HOA.
How an Austin Property Management Company Can Help
Austin definitely appeals to investors looking to capitalize on rental properties. Managing a rental home or unit, though, is not as easy as it seems. More often than not, landlords simply lack the time or knowledge to manage their rentals successfully. They may also live far from their rental property or generally don’t have an interest in hands-on management.
This is where an Austin rental management company can help. A company can assign a property manager to take care of your rental home or unit. From finding tenants to collecting rent, property managers can do it all. What are the things a property management company or manager can do for you?
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
Looking for Property Management in Austin?
If you are in need of professional rental management in Austin, Rental Choice is the first place you should check. We have a comprehensive online directory of established and reliable property management companies. Search by location and narrow down your options with our help today.