Compared to the 12-month average, September Abilene-area rentals remained steady at a 75¢ per square foot lease rate, but fell by 2¢ from the previous month and gained a penny over September 2014.
East-side rent rates in 79601 and 79602 rose from the previous month while rent rates in 79603 and 79606 fell. 79605 rent rates remained flat across the past two months at 66¢ per sqft. Compared to the August 2015, Abilene ISD rentals leased at 1¢ less while Wylie ISD rentals rose by 2¢, but both districts realized a 1¢ decline when compared to their 12-month averages.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning September 2014 to September 2015, allowing the user to look across these months at changes in rental prices, days on market and inventory available town wide, both by school district and by zip code. The percentage changes calculated in this table compare the current month’s statistics to an average of the last 12-months and the data from the same month in the 2014.
Abilene area rents in September 2014 were 74¢ per square foot. With September per-square-foot rent of 75¢, Abilene rentals have only logged a modest gain of 1¢/sqft. Since inflation has been almost non-existent during this period, this gain translates to a $13.54 real monthly rent increase on the average-sized September 2015 rental.
In September, Abilene homes rented almost a week slower than they did in August. East-side homes in 79602 and 79601 roughly doubled their number of days vacant. Homes in 79603 and 79605 rented at almost the same pace when compared to August. Homes in 79606 added four more days to their time on the market when compared to the previous month. When evaluated by school district, Abilene ISD homes leased 8 days faster than Wylie ISD homes.
Both pet and security deposits decreased in September when compared to the previous month. This decrease brought both deposit amounts within $5 of their 12-month averages. Total rents were down from both the previous month and the 12-month average. September 2015 average rent was roughly the same as total average rent realized in September 2014.
Homes leased in September 2015 were smaller and 1 year newer. The inventory of east-side homes in 79601 and 79602 recorded the greatest deviation from the 12-month average age for leased, single-family homes in these zip codes.
According to NTREIS, 71 single-family homes were leased in September 2015 and they leased at, on average, 75¢/sf and were sized at 1,354 square feet. Consequently, these leases are estimated to deliver a September 2015 value of $72,101 to the Abilene economy. Considering the coming 12 months and the leases executed during September 2015, these leases potentially account for a $865,206 annual contribution to Abilene’s economy.
This article was published in the Abilene Reporter News on October 11, 2014.