Rental Property in Austin?

[ElDiabloJoe]

Okay, I'm counting on my TX friends (Possum, Joe, SATundra, etc.) for information.

A friend and co-worker here at work in Kalifornia (that's with A 'K' as in Kommunist) has just bought a new home just outside of Austin for about $175,000. There is a real estate agent / property manager local to Austin that will handle all property management needs for 7% of rental income. Expected rental income is $1,250 month.

I'm hoping someone local to Austin can tell me how the housing market is looking, what is has been trending the last coupla years and what it is forecasted to in the next few years. Also, what is the single-family rental occupancy rate. Is it hard to find a place to rent, or are there a ton of them and it is hard to find tenants? Do tenants generally prefer a single-family house in the $1250/month range, or do most rent apartments in a lower (I don't know, $650/month?) range? Is $1,250 a lot for rent in the Austin area?

Thanks y'all!

EDJ

[MustangSally]

Hey Joe!

I don't know anything about real estate so maybe someone else from Austin can give you more detailed info.

My complex has about a 97% occupancy rate. It is a luxury complex of about 350 units in northwest Austin. There are several new complexes going up out in this area as well as new home developments.

$1250/month is not unreasonable. I moved here in 2004 and looked at 3br/2ba houses for about $950/month. My roommate and I ended up in a 1500sf 3br/2ba apartment for about the same price. We are now paying just under $1200/month.

I sure couldn't get that much apartment for $1200 in L.A. could I?

Good luck!

~MS