When owning a rental property in Austin, Texas, or considering purchasing one, there is one factor that outweighs them all - how much can I charge for rent?
It’s the factor that will drive your reasoning for purchasing the property in the first place. You could have overpaid to acquire your rental home and received a bad deal, but if you can make more in rent than you pay towards your note every month then you are cash flowing!
The key to success - and way less vacancy on your Austin rental home - is pricing the property to be competitive in the market. Austin has no shortage of renters and individuals moving to the city every day. In turn, we live in one of the most competitive markets for landlords to own a rental property.
If you price your property’s rental rate too high you could risk sitting on the market as more accurately priced properties lease in a matter of days - sometimes hours! Let’s say your South Austin rental property can earn $1,700/month. Instead, you decide to have your property listed at $1,800/month and it sits for a month before it garners any real interest from...