Relocation to Austin is strong and our rental properties are filling up quickly. For the last month we have seen several properties receive multiple lease applications.
Prospects are telling me they want to hurry up and submit an application before "it is taken". By my best guess, about every 3 or 4 callers out of every 10 are from out of state (or least a non 512 Austin area code). We have raised rents with this summer's properties by 10% to 15% and are still getting multiple applications. The rental market is a bit stronger than I had anticipated and by the economic forecasts, and will continue getting stronger. Multifamily properties are now becoming more valuable with the dramatic increases in rent.
Bridgepoint Investment Group, LLC