The rental market is at an all-time high right now. It’s a seller’s market that has driven the price of homes upward since the advent of the COVID-19 global pandemic.
This has made more people opt for rental properties instead of buying a house since the market is incredibly competitive. For anyone looking to invest in a rental property and become a landlord, there’s no better time.
We’re here to share with you one of the best places you can turn to start your investment activity. Here are six reasons you ought to buy a property and turn it into a rental in Katy, Texas.
Excellent Property Management Companies
Being a landlord isn’t all it’s cracked up to be. On the surface, you might think it’s only about collecting rent. In reality, several other responsibilities are required of you, as well as extensive knowledge of local tax and zoning laws.
Fortunately, you have opportunities to work with a property management company in Katy, which can alleviate much of the stress. The company’s job is to provide professional assistance to owners of residential properties by taking over tasks that include, but are not limited to:
- Maintenance requests
- Tenant screenings
- Property marketing
- Rent collection
Going into rental properties means you’ll have to make an initial investment, obviously. Katy is a great place to find affordable housing to launch your venture compared to other cities around the nation, though.
According to a recent report by Zillow, the average cost of buying a house in Katy, Texas is around $376,121. While this represents an increase of around 23% over last year, it’s much less than the national average of about $428,700 as of Q1 of 2022.
Katy, Texas has seen a job market increase of 3.2% over the last year, which has been great for people who are looking for work. But what’s even better is the city’s proximity to Houston.
Since the pandemic, jobs have been opening up like crazy in the region due to the fact that many Fortune 500 companies have opened new facilities in the area. This is great for recent graduates who may be on the hunt for a job and expect to rent rather than purchase a home straight out of college.
Some of the major employment sectors in the Houston area include aerospace, digital technology, medical, and aviation.
Cost of Living
The cost of living in Katy, Texas is lower than the national average by around 4%. Housing costs, including utility bills and gas prices, are around 11% below the current U.S. average while groceries are 5% cheaper.
This is one of the reasons why so many people are relocating to Texas in general. They can afford to live there and still save money for the future.
Quality Of Life
Katy, Texas is rated with an A+ by Niche.com as being one of the best places to live in the country overall. It features a suburban character within easy reach of a large metropolitan area with plenty of amenities that promote a high quality of life.
However, people who move here find that unless they’ve done it for work, they rarely spend their free time heading over to Houston because there is so much for them to do right in Katy.
There are many local shops and vendors to answer basic everyday needs, and that has continued to support Katy’s strong local economy. Residents can always find fun outdoor activities, from local parks to trails for hiking and bicycling.
Another great part about setting up a rental property in Katy, Texas is that you’re going to find quality family tenants hoping to rent in the suburbs.
This is because Katy is home to an incredible school district that has ranked 9 out of 10 on most public school rating indices, and is one of the best school systems in the general Houston area. The administration is extremely well-organized and well-funded, so there is no lack of support for children’s education.
All of the above should show it’s no wonder that Katy has enjoyed annual population growth of around 9.17%. People love its suburban ambiance while retaining access to many opportunities and activities.
These factors help to make Katy one of the top places in the state of Texas to consider for the acquisition of rental property as a solid investment opportunity for your future, too.