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The Rental Market in Texas is Booming
Texas has always been known for its booming economy and growing population. This growth has created a demand for housing, making it a great place to own a residential rental property. If you are considering investing in a rental property, here are some reasons why Texas might be the perfect place to do so.
Texas has one of the strongest economies in the United States. It is home to many large corporations and small businesses that contribute to its growing economy. According to the Texas Comptroller of Public Accounts, the state’s gross domestic product (GDP) was $1.8 trillion in 2019, making it the second-largest economy in the United States, after California. With a robust economy, there are many job opportunities, which leads to a growing population and demand for housing.
The population in Texas has been steadily increasing over the years. According to the United States Census Bureau, the state’s population was estimated to be over 29 million in 2020, making it the second-most populous state in the country. With a growing population, there is a constant demand for housing. Owning a rental property in Texas means you will never have a shortage of potential tenants.
Compared to other states, the cost of living in Texas is relatively affordable. Housing prices in major cities such as Austin and Dallas are still lower than other major cities in the United States, like New York and Los Angeles. This means you can purchase a rental property at a lower price point and still earn a good return on your investment.
Texas has some of the most landlord-friendly laws in the country. Landlords have a lot of flexibility when it comes to setting rental prices, collecting late fees, and evicting tenants. This makes owning a rental property in Texas less risky than other states with more tenant-friendly laws.
Texas is known for its diverse cities, each with its own unique culture and personality. From the bustling city life of Houston to the trendy scene in Austin, there is a city for everyone. This diversity attracts a wide range of tenants, from young professionals to families.
Texas is home to many high-quality universities, including the University of Texas at Austin and Texas A&M University. This means there are many students looking for rental properties, providing a consistent demand for housing in college towns.
Texas offers many advantages for those considering investing in a rental property. Its strong economy, growing population, affordable housing, landlord-friendly laws, diverse cities, and high-quality education make it an ideal location for a rental property investment.
On Q Property Management is a full-service Property Management company specializing in managing rental properties for owners on the go. With a collective 55 years in the property management business, we've cultivated a proprietary process and set of tools that help make you a better - and more profitable - landlord.
Designated Broker: Rodney Henson