Who caused the rent drops? Tech workers?
Two landlords share eye-popping accounts.
Well, I was supposed to be touching down in Austin later today, but the blizzard blanketing the northeast has postponed my trip for a couple weeks.
Here are a couple telling anecdotes about the rental market in Austin, Tex. from two readers who manage properties.
One property owner I spoke to, who asked not to be named, said they couldn't find tenants for income-restricted units included in their market-rate development in Northwest Austin. They were previously charging between $1,240-1,300 for a studio, but they have since lowered to $999-1,099.
This week's sponsor:
Curious if HOME means someone may want to buy your backyard? I've created over 3,000 small unit condo regimes that allow homeowners to quickly and affordably unlock equity by separating their lot into 2 or 3 units without the headache and expense of involving city government. Contact Julie Alexander (julie@texascondolaw.com) for more information!
Robert Grunnah, a real estate investor who owns a variety of rental properties around the city, said that one of his properties, a 2/1 duplex unit on Fireside Dr., just south of US-183, was renting for $1495 "2-3 years ago." After the most recent tenant left, however, the unit sat vacant for six months as he steadily lowered the price. He ended up renting it for $995.
