The Austin rental market is on the rise. News 8 Austin recently reported that the rents were the highest they have been in the past five years. Areas outside of Austin are slated to grow as part of the spillover from the recent increases. A major reason for the rise includes the influx of hurricane evacuees who liked our city so much that they wanted to stay.
Other factors, in my opinion, include rising interest rates and our move towards a seller's market. With a stable economy and job growth, less sellers are facing foreclosure and can sell their homes at top dollar. Combined with rising interest rates, homes will be less affordable in 2006 and 2007, keeping some renters from purchasing.
View the complete story from News 8 Austin.
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