Why Should I Purchase a Rental Property in Round Rock, TX
Does investing in Round Rock, TX fit your rental property investing plan? Learn what to look for in a city before you invest and how a Rock Round, TX property manager can be an important part of your team.
Looking at city data and trends will help you to determine if an area is right for your strategy. You want the data to guide your decisions, not emotions or gut feelings. If you are looking for appreciation, look for a city that has a healthy economic base and is on an upward growth trend. Let’s take a look at the real estate trends and city data for Round Rock, TX.
About Round Rock, TX
Round Rock, TX is located about 16 miles north of downtown Austin and is known for its outdoor activities and historic sites. It has been one of the fastest growing cities in the US and has earned some impressive accolades.
- Population: 124,434 (2019)
- Median age: 34
- Cost of living is slightly over the national average
- $76,295 median household income
- Award-winning park system
- Good schools
- Family friendly
- Ranks as one of the safest cities in the US
Round Rock has received many accolades including:
- #2 Most Energetic Cities
- #3 Metro Areas with Fastest Rising Income (2020)
- #7 Best Place to Live – Money Magazine
- #5 Best Place to Buy a House – Niche (2019)
Rock Round is projected to steadily grow in population about 2% per year over the next 10 years. With all those accolades, it is no wonder that families are choosing to move to the area.
Real estate in Rock Round
- $275,800 average home value
- 6.8% appreciation over the last year
- 60.4% appreciation over the last 10 years
Round Rock real estate continues to grow in value making it a good choice if appreciation is part of your investment strategy.
Top rated neighborhoods include:
- Forest Creek
- Behrens Ranch
Economy and Industry
- 3.5% recent job growth
- 52% future job growth (higher than the national average)
- 2.9% unemployment rate
Industries in the area include retail, healthcare, and manufacturing. Major employers include Dell Technologies (Fortune 500 company), Emerson Automation Solutions, and several regional hospitals.
How to Accurately Set Rent for my Round Rock, TX Rental Property
It is important to set your rent at a level that maximizes return while minimizing vacancy time. First look at the current market and pull rental comparisons. What are homes like yours (unit type, size, and number of bedrooms) renting for? As you can see from the rental statistics below, one additional bedroom can add a significant amount to the rent price, so it is important you are only comparing property like yours.
Factors that can affect rent rate
There are several factors that can affect the rent rate such as the current state of the economy, time of year, and the location of your property. For example, renting your property during the prime leasing season may allow you to set your rent rate higher than during the off season.
Rock Round, TX rental statistics
- $1,403 average rent for a 2 bedroom
- $1,850 average rent for a 3 bedroom
- Average days on market: 23 days
- Occupancy rate: 90.8%
The data suggests that properties are renting quickly, and people are staying in them. It is important to know what the days on market are so you can plan for the vacancy time.
- 26% renter-occupied
- 73% owner-occupied
This renter-occupied to owner-occupied ratio is great for home values. Because owners tend to take better care of the property they live in, your home’s value will benefit.
Why Should I Hire a Property Management Company in Round Rock, TX
When deciding whether to hire a Rock Round property management company, consider what they do and how much time you will save. Most people don’t buy investment property to add a second job to their responsibilities. How much is your time worth? Are you aware of the ever-changing laws that you need to comply with? If you think your time is better spent on your primary job or looking for more investment properties, then hiring a property manager makes sense.
What does a Rock Round property manager do?
A property manager takes care of the day-to-day operations of your business and ensures your property complies with the laws.
Day to day operations of your rental property
Your property manager will take care of the operational tasks such as:
- Getting the property rent ready
- Marketing and advertising the property
- Taking applications and screening tenants
- Lease signing and enforcement
- Rent collecting and, if necessary, evicting a resident
- Handling maintenance issues (regular and emergency)
Laws and regulations
Each of the above tasks may have laws and regulations that apply to them. As a landlord, it is your responsibility to know the laws and comply with them. Mistakes can cost thousands of dollars in court fees and fines. Asking the wrong thing on an application can get you into trouble for a Fair Housing violation, so you want to understand all the regulations and laws.
What is your time worth? If dedicating hours each month to keep up with the ever-changing laws doesn’t appeal to you, you might want to hire a property management company. Our property managers know the current laws that apply to your rental property. Mynd has in-house counsel that is there to ensure our systems and procedures follow local, state, and federal laws.
Examples of laws that apply to your Rock Round rental property:
- Property Line and Fence Laws in Texas
- Texas Adverse Possession Laws
- Texas Civil Statute of Limitations Laws
Common maintenance issues include:
- Exterior hose issues
- Insulation of exposed pipes and crawl spaces
- Gutter downspouts that need cleaning
Mynd’s property managers are familiar with these types of issues and know how to handle them.
Hiring a Round Rock property management company
Contact us at Mynd today about property management in Round Rock. We are here to be your partner in your investment business and offer three tier pricing so you can select the level of service you need.
If you are interested in remote investing, we are experienced with helping investors build expand their portfolio in new markets. We welcome the opportunity to be your property management company of choice for your entire portfolio in 20 markets across the country.
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In the meantime, learn more about ways to start with a smaller downpayment here.