House rent rises. First time home buyers getting priced out by Investors
According to the Wall street journal House rents have increased. First time home buyers are getting priced out due to the onset of investors in Key Metro markets
Rents have increased 13% year to date. The sharp increase in rent is attributed to the increasing demand from people who cannot afford to buy homes.
According to WSJ, Bigger investment banks such as Blackstone Group, Invesco also have committed large sums of money to the sector estimated at $11 billion. Institutional players are looking to build their portfolio that could serve as starter homes for owner occupier
Apartment Markets going through Major turnaround
Recon According to Dr. Luis Torres, research economist for the Texas Real Estate Research Center at Texas A&M University. Torres says the apartment outlook has changed from “catastrophic” when the pandemic began to “positive” today.
A large portion of this is attributed to the roll out of vaccines. Lack of availability of single family homes and increase in prices of single family homes and improvement in the overall state of the economy.
Texas Topped as the best place to buy homes
According to Wallethub List Texas topped the no 1 state to buy homes.
Frisco was ranked number 1 followed by Austin at no.2 Mckinney was at no.4 followed by Denton at no.5 and Allen at No.6
The rest of WalletHub’s top ten cities were No. 3 Gilbert, Ariz.; No. 7 Durham, N.C.; No. 8 Reno, Nev.; No. 9 Roseville, Calif.; and Nashville, Tenn.
Texas housing Market at glance
Employment Statistics at a glance From Texas A&M Real estate Center
Texas added 80,900 nonagricultural jobs last month, marking gains in 14 of the last 16 months.
Texas’ job growth rate matched the nation’s at 0.6 percent. The Texas Real Estate Research Center forecasted a growth rate of 0.5 percent for July.
The state added 714,800 jobs since July 2020. The Texas economy now needs to gain almost 261,700 jobs to return to pre-pandemic levels.
38 Acres of Mixed use Development in Keller.
According to Rebusinessonline. Realty Capital Management and South Carolina-based Greystar are underway on construction of Keller Center Stage, a 38-acre mixed-use project on the northern outskirts of Fort Worth