Why should I purchase a rental property in Katy, TX
Learn why Katy, TX is a great place to purchase an investment property and how a local property manager can help you make smart decisions when it comes to setting rent accurately to reduce days on market.
When you are looking at a new market for real estate investment opportunities, it's important to understand what is driving the city. What industries are in the area? Is the city growing?
Katy is known as the Energy Corridor because people that work in the energy industry live there. We will look at some important statistics about the real estate market and the economy to see how Katy is experiencing the kind of continued growth you want to see in a market you are thinking about investing in.
About Katy, TX
Located thirty miles west of Houston, Katy is a small town rich in heritage. The completion of the Grand Parkway has led to increased development, and large numbers of new homes are being built. As the Houston area grows, Katy’s available land will be continue to be attractive to both residential and commercial developers.
- Population: 21,729
- Average household income: $95,350
- Population growth: 4.99% annually
- The city has seen 50% growth since the last census.
Hottest neighborhoods in Katy
- Cinco Ranch
- Cross Creek Ranch
- Seven Meadows Homes
- Grand Lakes Homes
- Willow Creek Farms
Industries and Economy Statistics for Katy, TX
- Unemployment rate 4%
- Job market increased 3.2% in the last year
- 32.3% expected job growth over the next 10 years
Although many Katy residents work in the oil and gas industry, they tend to work at the headquarters which is less impacted with downturns in the energy industry. Several years ago, the Katy Area Economic Development Council identified four industries to target for potential diversified growth in the area, and they include headquarters, energy services, research and development, and data centers.
Katy already has a strong energy services industry and is the headquarters for companies such as BP, ConocoPhillips, and Igloo.
Many jobs are in the following industries:
- Health care and social assistance
- Education services
If you are looking to invest in a city with huge growth potential, Katy may be the market you are looking for. If Katy, TX doesn’t fit your investing strategy, contact Mynd. We have offices in 19 investable markets across the U.S., and we can help you find a market that works for you and help you diversify your portfolio.
How to Accurately Set Rent for my Katy, TX Rental Property
What are some factors that affect how you set rent for your property?
- Prices of homes compared to the rent you can collect
- Job market in the area. Are businesses moving into the area?
- Is the city experiencing growth?
- Is your rental property in one of the popular neighborhoods?
- Is your home they property type people are looking for?
Real estate and rental information about Katy, TX
- $1,600 is the Median rent for a 3 bed 2 bath
- $243,300 median house value
- 75% owner occupied
- 25% renter occupied
Most homes in Katy (75%) are 3 or 4 bedrooms, so most likely this is the size home people are looking for most. Having a 75% owner-occupancy is a positive. Owners tend to keep their homes in good condition, so you could expect to see appreciation in home values over time.
Unit types in Katy, TX
- 80% of units are single family homes
- 11% are apartments
- 7% mobile homes
Single family homes are the most popular unit type, and Katy recently seta record for the highest year-over-year percent change in the number of homes sold. There are also a record number of new homes under construction.
If you want to find out what your home would rent for, contact Mynd’s Katy property manager for a FREE rental analysis. Our property managers have access to proprietary data to help determine the accurate rent rate and help you find a quality tenant quickly.
Why Should I Hire a Property Management Company in Katy, TX
If you own a rental property in Katy, TX, how can Mynd Property Management help you attain the success you want to achieve in your investing business? Buying the property is just the first step, the business that operates inside is what determines your success or failure. A Katy property management company like Mynd can help by managing the day to day operations of your rental property that include:
- Get the property rent ready
- Market the property
- Accept applications
- Screen residents
- Select the right resident
- Handle maintenance issues and emergencies
- Abide by Texas Property Code
- Enforce the lease
- Comply with local, state, and federal laws
Issues that you may encounter with your rental property
Home foundation issues.
With recent heavy rains followed by hot, dry summers, home can experience movement in soil that leads to cracks in the foundation.
There are a lot of residents with pets. If you accept pets you need to make sure you comply with Texas Property Code about how many pets you can accept in a property.
If your property has a HOA, you will need to make sure it complies with all the HOA rules and regulations and be aware of other laws such as Senate Bill 1168 which changed HOA laws related to foreclosures, meetings, and violation notices.
How much is your time worth?
You may decide you would rather hire a property manager that knows the laws rather than attempt to manage the rental property yourself. Mynd offers three-tier pricing so you can select the level of service you need. Contact us today about property management in Katy, TX.
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In the meantime, learn more about ways to start with a smaller downpayment here.