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Recently, someone asked me how the lease market will be in the near future, so I wanted to share my take on this market with you today.
In the last four or five years, many real estate investment trusts have come into the Houston area and bought rental property to lease. We also had a lot of developers come in to build apartment complexes.
Since apartment complexes take awhile to plan, construct, and open, those complexes will be coming online this year. In 2015, we will have 25,000 new apartment units in the area. These new units will put pressure on the lease market, particularly on lease values.
A lot of people will still move into the area, but it will be very competitive for landlords to get their properties leased. This will have the effect of decreasing rental rates by as much as 20% by the spring of 2016.
That being said, it's a great time to purchase rental property. Interest rates are so low right now that, even with the reduced rental market, you can still turn a positive cash flow.
If you have any questions on today's video, give me a call or send me an email. I look forward to hearing from you!
