For starters, rental property in Texas has been rising in demand for the last 10-15 years and shows little evidence of slowing. Business prosperity in the region has been a large factor, not to mention competitively low housing prices for single family homes. And yet, a growing number of residential dwellers are opting to rent rather than buy, causing rental rates to surge.
Texas has a lot of appeal to people looking to relocate — low housing costs, good weather, good schools, healthy business opportunities, and no state income tax.
Here’s a look at three cities that offer rewarding outcomes for real estate investing in Texas:
Alongside Dallas, Fort Worth is referred to as twin city, with only a few miles between. With a population that has grown about 6% from 2010 to 2018, Fort Worth offers huge potential for rental property owners. The median home price is about $255,000, less than the U.S. average. Home to several colleges in the area, students are a viable segment for rental property owners. Rental rates in the Fort Worth area average $1,442.
Garland, Texas offers a rewarding rental property market with solid job and population growth, above average schools, and measurable affordability. The median home price is $220,000, lower than the national average. Although one of the older communities, Garland is home to many young professionals and families. The average monthly rental rate in Garland is $1500.
Arlington is also located in the Dallas-Fort Worth metro area and has enjoyed a healthy economic surge. Arlington has several colleges keeping the need for viable rental property at a steady demand and supporting real estate investing in the area. Arlington’s population has grown impressively since 2010, with a growth rate of 18% over the last eight years. Median home prices in Arlington average $240,000, with median rental being $1521. Overall, real estate investing in Arlington can prove highly rewarding.
The Texas economy operates on a low tax, low regulation basis. This offers an ideal situation for real estate investing. The rent over price ratios in Texas cities makes them very attractive. All told, Dallas, Houston, Fort Worth, Plano, San Antonio, and Arlington are among key Texas cities for property investors, property managers, and landlords.
Active rental property owners keep Cousin James Management busy overseeing the detailed job of managing and maintaining their rental property. As a real estate investor, it’s good to know you can rely on the 20-plus years of experience Cousin James Management offers. No stress, no bothersome phone calls in the middle of the night, and no distraction from going about your business of real estate investing. Contact us today! We’re here to help.