Rent vs. Buy
There are many variables to consider before making a final decision whether or not you should rent or buy. Most renters and home buyers that have made the right decision for themselves in the past carefully reviewed all the pros and cons. For more insight in helping you make the right decision, contact us to receive FREE consultation and we’ll send you a FREE “Should I Rent or Buy Report”.
Austin Rental Market Statistics and Quick Overview:
Austin Apartment occupy rate hits 96% for the month October 2014. Finding homes for rent and houses for lease in the Austin, Cedar Park, Leander, Pflugerville and Round Rock, TX surrounding areas has become more and more challenging as the inventory decreases and the rental rates continue to increase. Currently, we have less than 167 homes available for rent and lease in Austin, Cedar Park, Leander, Pflugerville & Round Rock, Texas. Rental homes and houses are currently leasing out within 9 days on average which should continue over the next 12 to 24 months as the housing rental market continues to improve. In fact, most homes for rent are leasing out with multiple offers at or above asking price. The average rent for a 3/4 bedroom home is around $1,625 a month for a one year lease but is expected to go up by another 10% by year end. Also, most landlords for homes and houses expect one month’s rent as a security deposit. As for Apartments, leases range from 6 to 12 months with a security deposit averaging around $300. Statistics were taken from Austin Board of Realtors (MLS) and include the Austin, Cedar Park, Leander, Pflugerville and Round Rock, Texas areas. If you are thinking about buying or leasing, call Mike Cusimano, Broker with Premiere Team Real Estate>. see our Blog for more details.
The chart below is an example between renting a home for $1,100 per month or buying it for $150,000 with only $4,500 down.