Why Should I Purchase a Rental Property in Converse, TX
What makes Converse, TX a good place to invest in rental property? What do you look at to determine if it is right for your strategy? Learn how a property manager can be an important part of your investment team.
Before purchasing rental property in any market, you want to first define your strategy and goals. Once that is established, the data will help you determine if a market is a match for you. Let’s examine the Converse, TX market by looking for any trends in the city’s growth and real estate market.
About Converse, TX
Converse, TX is a medium-sized city that has experienced a new housing boom in recent years. Located 15 miles northeast of San Antonio, the city is expanding and expected to triple in size by 2033. The city is located inside San Antonio’s outer loop (1604) and offers convenience to a major highway.
- One of the fastest growing cities in the US
- 25,000 population
- 29.3% growth rate
- $70,000 median household income
- Great schools
- Median age: 31
- 3.3% unemployment
Real Estate in Converse, TX
- Considered a very competitive market (RedFin)
- 50% of homes built in 2000 or newer
- 7-10% appreciation over the last year
Converse is experiencing a new housing boom thanks to the significant expansion of land available to the city. It is expected to grow over the next 10 years in new home developments as well as new commercial areas.
Hot neighborhoods in Converse, TX
- City Center
- Airport City
- FM 1516
- 1.6% job growth in the past year
- 39.6% predicted job growth over the next 10 years
Converse is a city that is forecast to grow significantly, so you can count on some appreciation out of your investment. It is growing in population, new homes, and new jobs. With a median home price of $202,092, it is an affordable market to invest in.
If you want to learn more about the Converse market, our Converse Property Manager can help you determine good areas to buy in. If this market doesn’t work with your investment strategy, Mynd has 19 offices in investable markets. We can help you find a market that will help you meet your goals.
How to Accurately Set Rent for my Converse, TX Rental Property
When you are determining the rent for your Converse rental property, you need to look at some statistics about the area in addition to the current market rates.
Real estate in Converse, TX
- $202,092 median house value
- 85% of units are single family homes
- 9% of units are apartment complexes
- 80% of homes are 3 or 4 bedrooms
- $1,450 Median rent for 3 bed 2 bath
Property types in the area
The most popular home type is a 3- or 4-bedroom single family home. When you are buying a rental property, you do want to know what people are looking for. Having a property that is different from the average home can make finding a renter harder and could lower the rent you can expect to receive. Keep that in mind when purchasing property in a new market. Contact a Converse property manager for advice on what type of property rents the fastest.
- 72% Owner occupied
- 27% Renter occupied
Most homes are owner occupied which is good for holding the home values in the area. Owners tend to keep their properties in good condition, and your investment will benefit from that. Converse, TX experienced the highest year-over-year percent change in the number of homes sold. It is also experiencing a new home building boom.
If you want to learn more details about the rental market, Mynd offers a FREE Rental Estimate. Our property managers can help you determine the right rent and answer any questions you have about the local rental market.
Why Should I Hire a Property Management Company in Converse, TX
If you are considering hiring a property management company in Converse, consider the value you are receiving with management service. Owning a property is a business, and your success depends on the operations that take place inside the property. Purchasing the property is just the first step.
A property manager will do the heavy lifting for you.
They take care of the operations side of your investment business that includes tasks such as:
- Getting the property rent ready
- Taking photos and marketing the property
- Screening and selecting a quality tenant
- Handling maintenance issues
- Lease signing and enforcement
- Rent collection
- Lease renewals
- Evictions when necessary
Having a management company handle these tasks frees up your time. Many self-managing landlords discover that owning rental property requires more time than they anticipated. If you have multiple properties, the time requirement multiplies.
Complying with laws, rules and, regulations
A property management company ensures that your rental property and the day to day operations comply with local, state, and federal laws. Violations can cost you a trip to court and thousands in fines. If you are self-managing, you are responsible for knowing the laws that apply to your rental unit and complying with them. Fair housing laws, discrimination laws, local eviction rules, handling service animals and Texas property code are a few examples.
Each step in the operations of a rental property may have laws you need to follow. For example, you need to be aware of what you can and cannot ask on an application. In some states you may not be allowed to do a criminal background check. It is critical that each step in the leasing process complies with the laws that apply.
Mynd has in-house legal counsel to help support you should anything go wrong. When you hire Mynd to manage your property, you are hiring a team of professionals.
A Converse property management company handles maintenance issues
Being a landlord can be hard. If you are self-managing a property, you are the one receiving the midnight phone call about an emergency issue. This is another advantage of having a management company handling this for you. They have access to quality vendors to take care of any issues. If you are an out-of-town owner, it can be reassuring that you have someone local looking out for your investment.
Common maintenance and other issues in the Converse TX area:
- Foundation issues and structural issues
- Roof repairs and regular maintenance due to the climate
- Noise ordinances and adherence to local rules
A property manager knows how to handle issues like these and has access to volume discounts with quality vendors. They understand what maintenance items renters are responsible for. Their job is to ensure your tenant is safe, your property is cared for, and laws are complied with.
Ready to hire a Converse property manager?
How much is your time worth? Property management might cost less than you think for the peace of mind and freeing of your time. Mynd offers three tier pricing for their Converse Property Management services so you can select the level of service that fits your needs. Mynd is ready to be your
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