Cypress, TX Rental Property Considerations- Advice from a Professional Property Manager
Thinking about purchasing a rental property in Cypress, TX? Learn what data to look at to determine if the area fits your investment strategy and how a Cypress, TX property manager can be key to your success as an investor.
When looking at a new market, it is important to understand the economy and potential growth of the area. What makes the area attractive to renters? Proximity to a larger city, great schools, and high-paying jobs are some positive characteristics to look for, and Cypress has all three.
About Cypress, TX
Cypress, TX is an affluent community located about a half an hour northwest of downtown Houston. Some residents are commuters that work in the city but choose to live in what is one of the most popular suburbs in the Houston area. Cypress is business-friendly and often makes the “top cities to start a business” lists, and local jobs include everything from startups to Fortune 500 companies.
- Population: 150,200
- School ranking: 10/10 – some of the best in the state
- Median household income: $105,500 (double the US average)
Industries and economy
There are some major corporations in Cypress, and the top employers include Shell, Halliburton, NASA, University of Houston, and Baylor College of Medicine. Top industries include manufacturing, retail, professional and technical services, and education.
Grand Parkway is the “third loop” around Houston. The Cypress area is currently experiencing a boom with the expansion of the Grand Parkway that now allows easy access to The Woodlands, Katy, and Houston.
Real Estate in Cypress, TX
To determine if you are going to get any cash flow or just appreciation, you will want to run some numbers based on the cost of the property compared with what you can expect to rent it for.
- 90% of homes are single family
- $275,000-285,000 median home value
- 3% increase in home value over the past year
- 4.3% expected increase over the next year (Zillow)
The Cypress, TX area offers investors steady appreciation that is expected to continue in the next year.
Hot neighborhoods in Cypress, TX
- Alder Trails
- Canyon Lakes West
- Cypress Creek Lakes
- Towne Lake
Purchasing a property in a desirable neighborhood can help you rent the home quickly and may allow you to charge a bit more due to the demand for that area.
If you decide Cypress doesn’t offer investment choices that fit your strategy, Mynd can help you find a market that does. With offices in 19 investable markets across the country and access to proprietary data, we can find a market that works for you. Contact our Cypress property management office, and we can help you diversify your investment portfolio.
How to Accurately Set Rent for my Cypress, TX Rental Property
The market determines the rent rate
As an investor, it is important to limit the time your property is sitting vacant. For this reason, pricing your rental correctly the first time helps reduce the time on market. Your rent rate should be comparable with similar properties (size, number of bedrooms, etc.) in the area.
What factors can affect the rent rate in an area?
When setting your rent rate, look at city statistics to determine which direction the area is going. Is the city growing? Are more people moving to the area? You also want to look at the property types in the area. 90% of the housing units in Cypress are single family homes. Offering a type of home people are looking for can also affect the rent rate.
- $1,750 median rent for a 3 bed 2 bath
- 85% Owner occupied
- 15% renter occupied
With only 15% of the homes being rentals, there isn’t a large supply of choices for renters. Depending on how the city is growing and the demand for rentals, this could affect the rent rate.
If you want to know what your property is worth, contact our Cypress property manager who can run a FREE rental analysis. Mynd manages properties in the Cypress area and understands the market and trends.
Why Should I Hire a Property Management Company in Cypress, TX
When you are deciding whether to hire a Cypress property management company, consider all the time and effort involved. Is your time better spent doing something else? Is it worth hiring a property manager for peace of mind and freedom from the day to day operations?
The act of purchasing a property isn't what makes you a successful investor. It is the day to day operations of owning a rental property that can determine your success or failure. Mynd property management can be a valuable member of your team, and we are here to help you achieve the success you are looking for.
What can a property manager can help you with?
- Getting the property rent ready
- Advertising the property in a way that complies with Fair Housing
- Taking applications – knowing what you can and can’t ask
- Screening tenants
- Putting the right tenant in the property
- Ensuring everyone follows the leasing agreement
- Complying with Texas Property Code
- Handling maintenance issues
- Enforcing the lease agreement
- Handling HOA issues
- Regularly check your HVAC units to ensure it's properly functioning
- Evicting a tenant legally based on the current laws
- Ensuring compliance with local, state and federal laws
A local property management company like Mynd knows the local, state, and federal laws that apply to the day to day operations. This is typically the part of owning
Things to be aware of in the Cypress TX area
- Zoning laws and regulations in the Houston area need to be considered
- Flood plan permits and regulations
- Tenant eviction laws and regulations
When you hire a Cypress property management company, you are getting access to:
- A team member working for your best interest
- Knowledge about the rental market
- Accurate rent rates so you can limit time on the market
- Access to quality vendors
- Guidance on making smart decisions
If you are looking to grow your portfolio, Mynd has the advantage of being in 19 investable markets. We can help you diversify by finding properties that fit your goals and strategy in multiple cities. We have access to proprietary data to help you decide which market best fits your strategy. We offer our three-tiered pricing in each of the markets we serve, and Mynd looks forward to being part of your growth strategy team. Contact us today about property management in Cypress, TX.
Real Estate Investing in Houston, TX
Why invest in Houston? Population growth, high education levels, and great hospitals make it a great opportunity.
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In the meantime, learn more about ways to start with a smaller downpayment here.