Jun 22, 2011

Preston Hollow Lease Market is Hot

It's not just the temperatures that are hot right now. If you have a home to lease in Preston Hollow, it is a hot commodity. If you're looking for a home to rent, you'll likely find it very challenging. Rental rates have risen and vacancy rates are disappearing.

Let's look at the current market for a 4 bedroom home located between Northwest Hwy, Hillcrest Rd, Forest Lane and Midway Road. Something not too big and not too small in the general Preston Hollow area. In the past 6 months, 15 homes of this size and in this area have leased. Currently, you'll find 4 homes available ranging in price from $2,650 a month (for a 60 year old cottage) to $4,400 a month for a 2-story home with a pool. That's less than a 2 month inventory of available homes for lease.

Homeowners and investors willing to lease homes in Preston Hollow stand to profit in the coming months from the tightening rental market. A year ago, rental rates hovered around $1.00 a square foot per month. Today there is only 1 home on this list available for less than $1.20 a square foot. [where: 75230]

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