Over the years, there’s been an interesting trend in Travis County. Over time, we’ve seen more and more renters in Austin, TX. More renters than ever also have Austin Renters Insurance, forty-four percent. But why are there more renters? Is the American Dream of homeownership dead?
Over the years, the American Dream has changed in a number of important ways. It’s always involved a specific form of housing, but the white picket fence isn’t practical for many people anymore. The American Dream used to involve a man working 9-5 and coming home to a woman who had kept the house. That’s not everyone’s American Dream anymore, by a long shot. There are various incarnations of the dream, and all of them can be accommodated.
Maintenance And Work
People work longer hours than ever before. That’s good for the economy after a sense, we suppose, but at the end of the day it means that something has to give. One of the things that people have been less willing to focus on is the time, energy, and money that it takes to maintain a home. As hours increase, and as more households are dual-income, people are less and less willing to spend a substantial part of their free time in maintaining their home.
Today, people want to work, come home, and enjoy their dual income lifestyle. Many people don’t see the value in continuing to invest in property maintenance costs, so they choose to rent. Those people are looking for upscale apartments, of which Austin has many. Most of what’s being built currently is high-end rental stock, designed to cater to those people.
People Are More Mobile
More than ever before, people are mobile. People move for jobs, for neighborhoods, or just because they want a change. People move just because they can, or because their kids need better schools. Ownership of a home just doesn’t provide the opportunities for mobility that modern families need. Even if you’re stuck in a year lease, it can almost always be bought out.
Jobs are more likely than ever to transfer people to far away places, as well. If your job decides they need you in Seattle, chances are pretty good that you’re going to Seattle. If you’ve only owned a home for a few years, you’re likely to lose money on selling the home. You won’t want to rent it from far away – you’ll lose money to a property manager, and there’s a good chance your asset can be damaged or destroyed by a bad tenant because you’re not there to check on it. It just makes more sense to rent if this is a risk.
Austin Rental Rises Slowing
Experts suggest that the trend of significant annual rent increases in Austin is slowing down. While the average could be in the 4-5% range this year, that’s less than in previous years. This makes renting in Austin an even better deal.
Some People Don’t Have A Choice
There are two major reasons for this. The first is that lending standards have tightened dramatically, and remain tight, even as the economy is finally starting to recover from the subprime crisis. People who could have been approved some years ago are not being approved today.
Some people come to Austin for jobs in the rapidly growing tech sector. They’re new in town, and don’t want to buy until they learn the city. They also don’t want to buy until they know the startup they’re working for is going to gain some traction. Those concerns make sense.
Even though more there are more renters in Austin, TX than ever, it’s still affordable to rent. But don’t forget that you’ll need Austin Renters Insurance to protect your family. It also protects your future by ensuring that a liability judgement doesn’t impact your assets or your income. You can be covered in sixty seconds, and it starts at about fifteen dollars a month. Just call (800)892-4308 or click to get covered - whether you need Austin, TX renters insurance quotes online or coverage anywhere else!
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Photo Credit: Stuart Seeger Austin City Lights CC BY 2.0