4408 Hank Ave 12 Month Leased
The little house on Hank is no longer available. It has been leased out to a great family.
This is the hottest that this market has ever been! There were too many great people to choose from. I wish everybody else good luck on finding a great new home.
Special thanks to Welcome Home Leasing.
Great work on refinishing the bathtub from Advanced Bathtub Refinishing.
[audio:http://freemanproperties.com/wp-content/uploads/willie_nelson_blue_skies.mp3]Rents Soar
The biggest news in the 1-4 unit property niche this year (and it’s a similar story for all multifamily) has been the remarkable increase in rents. The Austin Business Journal quotes a recent Marcus and Millichap survey showing rents increasing by 4.2% this quarter, and another 5% next quarter. This is on top of an overall gain of 5% in 2010, according to the Texas Apartment Association.
The three major factors responsible for the increased rents are:
- An improving economic outlook and better unemployment numbers. Austin’s unemployment rate at 6.8% is very near the lowest of any city in the United States.
- The increasing difficulty of obtaining financing, especially for first time homebuyers, who will necessarily continue to be renters longer than the previous generation.
- Extremely limited supply of new multifamily construction coming online. This of course will change in coming years as new multifamily is built; however those new landlords will have to charge a premium to cover their development costs, which protects older properties with much lower debt service costs (who can therefore charge less rent and still profit).