Austin Rental Properties Gain Interest from Property Investors
Over the past few years, Austin, TX has become a second Silicon Valley. Apple, Google, and Dell have established campuses, and the big tech firms are planning on expanding their holdings in Austin in the near future. For commercial real estate investors, this provides many opportunities to generate revenue from Austin rental properties.
The Market Favors Austin Rental Properties
The influx of large tech companies and the rise of independent development studios means people will be moving to Austin for contract jobs of varying lengths. Many already have full-time residences in other states, but are looking at Austin rental properties for leases ranging from one year up to multiple years, depending on the size and scope of their projects. This opens a number of opportunities for local investors to get existing properties ready to rent and to purchase new properties to generate revenue from contractors in the tech field.
Single and Multi-Unit Properties in Austin
Austin offers a very unique setting where both single family rentals and multi-unit properties offer viable sources for revenue. Many Millennials are looking to rent single family homes in Austin while they are working in the city, and everywhere from Austin proper to Round Rock have single family properties which can be converted to rentals. Multi-unit properties are everywhere in Austin, providing a short drive to work plus access to shopping, schools, nightlife, and more.
Revenue from Austin Rental Properties Keeps Rising
The types of jobs opening in the tech sector in Austin range from high-end programmers to corporate positions. Over the past few years alone, rent has seen a steady increase due to the influx of companies from California. Commercial real estate investors in Austin with properties to rent will have no shortage of tenants, if current trends continue. If investors are using a fix and hold strategy, now is the time to complete renovations and get those properties tenant-ready. Those with single family properties might want to think about renovating them to generate revenue from rental leases instead of selling them. There are even some investors and developers who are planning to build mid-range to luxury apartment buildings with amenities to attract new tenants coming to Austin.
At Wexum, we provide financing for commercial real estate transactions and projects of all sizes in Austin, TX. Whether you are acquiring your first investment property, taking on renovations, or launching a large construction project in the Austin area, we can help. Contact our offices today to get started.