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Spring, TX Rental Market Overview
New Exxon Mobil Corporate Campus Nears Completion
The Spring/Champions region north of Houston has always appealed to renters and rental property owners, but the 2015 completion of the new Exxon Mobil corporate campus should draw an additional 10,000 employees to the area. The campus is one of the key factors that contributed to ranking Houston third in the nation among rental markets with the highest expected employment growth according to the Marcus & Millichap 2013 National Apartment Report (NAR). It's hardly surprising that the Houston region is also experiencing some of the highest new rental unit construction in the nation, (fourth overall with 8,500 units in 2013). The 6.9% vacancy rate is one of the highest in the 2013 NAR index, and probably a reason why Houston was ranked 13th out of 44 instead of placing in the top 10.
Can Small Investors Still Find Opportunities?
Plans for the new Exxon Mobil Spring campus were announced more than four years ago, so it might be tough to find single-family rental bargains in close proximity to the construction. The 2013 NAR noted that new positions in a variety of Houston's sectors should place additional downward pressure on the vacancy rates of Class B and Class C rental units. The report anticipates that regional investors will shift their focus to older properties, some built as far back as the 1980s and 1970s. If this is true, any investment opportunity in Spring might be a good opportunity, although it helps to have an expert on your side to accurately assess the upsides and downsides. That's why a number of small landlords and independent investors turn to local property managers for investment insights. Many Spring property management companies employ real estate professionals who work firsthand with tenants and property owners in the area. These property managers usually recognize early trends and opportunities firsthand, and can sometimes provide their clients with timely suggestions before everyone else reads about it on the Internet or in a local trade journal. Take a few moments to review the profiles of the Spring property management companies listed here, and then request your free information today.