Corporate Rental Market In Austin
151 people a day are moving to Austin area 2018.
Austin is still one of the fastest growing cities in the USA. Austin continues to lure Silicon Valley and California Companies to its vibrant business and tech scene. Two dozen tech companies relocate offices to Texas since 2014. Some examples are Google, Apple, Amazon, Dropbox, and Oracle have all set-up major campuses here. Other companies that continue to call Austin home are AMD, AT&T, Dell, Facebook, 3M, Homeaway and PayPal.
Since 2013 Austin has experienced a shortage of Sublet furnished places to stay.
Usually the job offer comes first and happens quickly, there is a need for a short-term furnished base soon after job acceptance, to bridge the gap to home purchase.
Home Remodeling and Improvements Projects Spending continues to grow by 5.8% last year which means an increase in the number of remodeled homes and displaced owners seeking accommodations.
All of these factors mean that the demand and need for Corporate Rentals is increasing and allows for this segment to grow.
Corporate Rental in Austin Market – A MODERN APPROACH
A Corporate Rental is a higher end furnished and turn-key property, that rents out on a minimum 2 month flexible length lease. The rents tend to be at least 30-45% higher than long-term rents. Tenants tend to be people moving to Austin for a new job, a work contract, remodeling their home, or going through a transition like divorce or a move. Properties turn over on multiple times a year and are deep cleaned and maintained to a high standard at turnovers.
Our Corporate Rentals Specialist, Julie Stoakley can take you through all the stages of owning and running a Corporate Rental property in Austin.
Our Brokerage can provide on-going property Management, Re-leasing, and Turnovers.
Eventually selling the property when the Investor is ready.
We can do all of these services or customize a fee for each service for the client.
If you want to know more about Corporate Rental, please contact Julie Stoakley for more information.
Service Highlights For Investors
We are one of the few Brokerages that have an both an Investors Focus and an In-House expert In Corporate Rentals on the team,
Julie has been buying, setting-up, leasing and managing Corporate Rentals in Austin for over 4 years now as the Marketplace here has emerged.
This is a rapidly growing niche segment in Austin and our Brokerage is “Leading the Way for our Investors to Explore this”.
We also have the Investment Knowledge of Austin and Property Management in house services to manage these properties. Other Brokerages are just not set-up to handle other than Long Term or Vacation Rentals management.
We can offer a full service turn key model to the Investor so they can explore this segment as hands on locals, or out of town arms length investors.
The Corporate Rental Properties Offers The Following
Advantages Over Traditional Long-Term Rentals:
Higher rents and better cash flow.
- Properties in Excellent condition that get regular deep cleaning and maintenance 3-4 times a year.
- Higher rents and links to employer contracts allows these rentals to attract a higher calibre of Tenant decreasing wear and tear on the property.
- The higher rent and cash flows allows Investors to buy and access properties in areas of the city that normally would not cash flow well and make good rental opportunities but experience excellent appreciation rates and proximity to downtown and redevelopment areas. Now these properties are options.
- The ability to adjust rates due to seasonal demand and peak rental times.
- These properties require very little lead time to be ready to sell and have already been staged and are ready to go.
- The ability for Investors to stay at their properties and block of some time periods of the year for personal use.