In March 2015, monthly rent barely beat its 12 month average, but was below rents realized over the last four months. The same was true of security deposits, which serve as proxy for the quality of homes rented.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning March 2014 to March 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.
March 2015’s average rent of $924 represented just under a 1% increase when compared to the 12-month average of $916. Pet and security deposits both rose by almost 3%. March 2015 units leased totaled 94, which is a leased inventory 7.2% below inventory in March 2014. Splitting the town by school district and comparing leasing to the 12-month average showed no real change in leased homes inventory in the Abilene ISD, but revealed a 21.8% decrease in inventory for Wylie ISD .
Abilene rents-per-square-foot registered a 1¢ per square foot gain relative to the prior 12-month average. At the zip code level, north side rents fell relative to their 12-month average in zip codes 79601 and 79603. The greatest adjustment to rent per square foot was seen in 79602, where rents rose 17% when compared to performance over the previous year.
Per-square-foot rents Abilene ISD remained flat, but homes in Wylie ISD experienced a nickel bump in per-square-foot rents when compared to the last year. Wylie rents were 14¢ higher than AISD rents in February 2015 and this spread grew to 22¢ in March 2015.
On average, Abilene homes were empty roughly one month or 32 days over the last 12 months. In March 2015, Abilene-area homes lease 6 days faster than this average. With average monthly rent of $924, this represents found income for landlords of $179 per month.
When assessed by zip code and by school district, only homes in 79606 leased slower than the prior, 12-month average. Wylie ISD homes rented 4 days faster than homes in AISD. In Wylie ISD, homes leased, on average, in 23 days while AISD homes took 27 days to lease.
According to NTREIS, 94 single family homes were leased March 2015. With 94 units leased at, on average, at 72¢/sqft and sized at 1,323 square feet, these leases are estimated to deliver a March 2015 value of $89,106 to the Abilene economy. Considering the coming 12-months and the leases executed during March 2015, these leases potentially account for an $1,069,274 annual contribution to Abilene’s economy.
If you have questions about this data, its assembly or interpretation, please contact us. We welcome the opportunity to discuss how this data might be employed to help you make informed choices regarding investment property in Abilene.