This week in Property Management, Austin Texas. Well it's been a couple weeks since I've had the opportunity to blog. I completed an amazing trip to Charlotte and Richmond, VA to meet with 4 different property management companies who are leaders in our field. Only through collaborating with others can we increase our rate of learning. I picked up some great tips and trade practices on the trip but I also learned that we're not lagging behind. While some are bigger and some smaller, 1836 is on the leading edge of the industry. Many times it's challenging to see that when focused on our daily duties.
We also saw a period in the Austin Rental Market that was a little unusual. In the month of September the market went almost silent. It typically slows down but it went WAY down for about 4-6 weeks. When we started running market numbers we noticed something really unusual. Typically there is about 2.1 months inventory in the Austin MLS rental space. That's held almost constant across the last year. Then in September it shot up to about 3.2 months inventory. This had to be a combination of both a seasonal reduction in demand but also an increase in supply. We've had a lot of "luxury rentals" hit the marketplace especially in the downtown market. That wasn't enough to effect the entire area but there has been a lot of construction for years now. At any time there are about 14+ cranes in the downtown skyline.
This week we also say a new article come out stating that the Austin-San Antonio corridor was and will be the hottest spot in the country for at least a decade to come. The population is expected to double in about 20 years. We haven't even started on the roads or real mass transit in Austin. What does that mean for real estate prices? Invest now, the population rises, the economy grows, the city gets more congested, those homes with locations closer to the city center increase in value dramatically as commuting gets harder and harder. Areas that before were not considered superb are not super valuable. Just look at East Austin over the last 10 years. Boy has that changed in value.
This next week we're off to our NARPM national convention in Hawaii. While the classes are great it's really a great opportunity to target and meet with the best of the best in one location and ensure that 1836 is on the leading edge of the marketplace, technology and service.
Attached is a great Austin sunset picture for you from the Hotel Van Zandt on Rainey Street.
Have a great weekend everyone and Aloha!