Georgetown Edition | July 2022

2022 REAL ESTATE EDITION

RENT BREAKDOWN In the cities of Round Rock, Cedar Park/Leander and Georgetown, rent for single-family homes has increased between 22%-30% since 2019.

AVAILABLE HOMES With the exception of Round Rock, available single-family homes for rent in several cities north of Austin have increased from 2019-21.

AVERAGE MONTHLY RENT IN MAY

CEDAR PARKLEANDER

East West ROUND ROCK

GEORGETOWN

North South

East West

2019 2020 2021 Cedar Park/Leander: 20.88% increase 2,040 2,134

29.37% INCREASE

29.34% INCREASE

22.28% INCREASE

29.54% INCREASE

26.82% INCREASE

26.81% INCREASE

$2,548

$2,490

$2,526

$2,365

$2,274

$2,357

2,466

$2,052

$1,967

$2,015

$1,906 $2,007

$1,953

2019 2020 2021 Georgetown: 28.27% increase 817 845 1,048 2019 2020 2021 Round Rock: 8.98% decrease

$2,295

$2,103 $2,223

$2,166

2,161

$2,117

$1,999

$1,818 $1,819

$1,708 $1,759

$1,774 $1,841

2,095

2019 2020 2021 2022

1,967

SOURCES: BRAMLETT RESIDENTIAL, MULTIPLE LISTINGS SERVICECOMMUNITY IMPACT NEWSPAPER

Rock and Georgetown become available, which should be sometime in early 2024, the rents will go for whatever the market rate dictates at the time. He could not provide specic gures, but said as an example, if units were to become available as of early June 2022, the average rent would be about $2,200 per month. Another single-family rental community coming to eastern Pugerville is called Cameron Yardhomes, which will be part of a larger multiuse development called Cameron 96. When complete, Cameron Yard- homes will have about 260 single-family detached homes as well as duplexes. Rental homes should be ready to rent by the end of 2024, according to Jessica King, development manager for Urban Moment, the company bringing the Cameron 96 community to Pugerville. In addition to Cameron 96, Urban Moment is bringing several other single-family rental commu- nities to the area, including Urbana at Cottonwood Creek in Hutto, Urbana at Hero Way in Leander and Urbana at Meadow Lake in Round Rock. All four communities are scheduled to be com- plete by mid- to late 2024 and will bring almost 1,000 detached single-family and duplex units to the area. Pros and cons For local city government ocials and sta, hav- ing a diverse range of housing options in the area makes sense for several reasons. “While the rental of single-family homes is not at

all new to us in Pugerville, a neighborhood built on the framework [of] a multifamily project but with single-family structures instead of apartments is a new concept for us,” said Jeremy Frazzell, Puger- ville director of planning and development services, in an email. Frazzell added that single-family rental commu- nities oer an opportunity for residents looking for an alternative to traditional home ownership with- out the typical apartment feel. However, with most developers of these commu- nities in Williamson County and north Travis County conrming that when complete, the rental rates will go for market rate for a single-family rental home, many people could be priced out of that option. Sarah Wooster, who lives in the Emory Apartment complex in Hutto, said a single-family rental home is not attainable for her. She splits the $1,100 total rent at The Emory, and said even if she wanted to, the average cost to rent a single-family home in Hutto being about $2,200 as of June 2022 prices her out of that option. “It’s already hard to aord rent, gas and every- thing else,” Wooster said. “And I couldn’t imagine renting a [single-family] home.” Mark Sprague, state director of information cap- ital for Independence Title, said he has been a kind of real estate economist and analyst in Central Texas for several years. Like other industry professionals, Sprague agrees that single-family rental communities can bring

SOURCES: BRAMLETT RESIDENTIAL, MULTIPLE LISTING SERVICE COMMUNITY IMPACT NEWSPAPER

many benets for residents, but they must be well-maintained by property management. “You’ve got to have property management into perpetuity so that community does not look [bad] in the future,” he said. Sprague said he has seen several examples of companies managing single-family rental communi- ties poorly, and those communities ended up nearly going bankrupt. However, Sprague added he can see the communities growing as a trend. One reason is in Texas, property appreciation has risen 158% in the last 12 years compared to apprecia- tion of between 40%-50% on either coast of the U.S., he said. Additionally, he said rents in Central Texas are ris- ing quicker than in most of the country, and demand for rental units in the area remains high. “I’m able to return my capital quicker [in Texas], there’s great appreciation, and there are higher rents per square foot that I can get on single-family [homes] versus apartments,” he said.

For more information, visit communityimpact.com.

KARIN KNOWS REAL ESTATE

KARIN JAHNKE, REALTOR ® karin@realtor-karin.com facebook.com/YourRealtorKarin 512.468.3523

I grew up in Central Texas, spent many years in business leadership, and my experience allows me to help you navigate the changing real estate market. I will help you get top dollar for your property or help you find your dream home. Contact me for more information!

GEORGETOWN EDITION • JULY 2022