Unit rent rose 5.8% when comparing January 2014 to January 2013. Rent/sqft offered a slight and improved gain over the previous month, posting only a 1.5% gain. With annual inflation rate 1.5%, this means a real gain of 4.3% in rent across the 13-month period and no real gain in rent/square foot.
This data utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning January 2013 to January 2014, allowing the user to look across these months at the movement of rental prices, days on market and inventory available town wide, by school district and by zip code.
According to NTREIS, there were 128 leased units in January 2014 compared to 103 a year ago or a 21% gain in leases. Renters in 79606 saw no change in availability period to period while renters in 79601 saw a more-than-50% gain in leased units inthat zip code. During this 13 month period, January 2014 had the second-most leases completed, following on the heels of December 2013 with the least number of leases completed for the 13 month comparison period. These units required higher deposits with a 5% increase in security deposits and 12.9% increase in pet deposits.
Rent per sqft improved in Wylie ISD and 79606, growing 9.9% and 8.2% respectively. The only Abilene ISD zip code to see improved rent/sqft was 79601 which was the leader in rent/sqft growth at 18.9% across the 13 month period. The greatest decline was 79603, rents during the comparison period fell 2 to or a 4.1% decline. Assuming annual inflation at 1.5%, this brings the drop in rent to 5.6% for this area.
With the exception of leases executed for homes in 79602, all leased units saw an increase in time on the market. The smallest increase was realized in 79606; homes in this zip code saw a 2.5% gain in time on the market increasing from an average of 42 days on market in December 2012 to an average of 43 days on market in December 2013. While Wylie ISD properties and homes in 79606 experienced increased time on the market, they leased faster than homes in 79601, 79603 and 79605.
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.