For a third straight month, single-family homes rented for more per square foot and rented faster in July 2014 when compared to the preceding 12-month average.
Average July 2014 rent rose to $952 for a 6.7% increase over the average rent from the last 12 months. More conservatively, total July 2014 rent rose 4.2% when compared to July 2013. When analyzed by price/sqft, Abilene witnessed a 5.5% increase in rents when compared to data from the previous 12 months. With the exception of 79603 where rent/sqft fell 8.2%, each Abilene zip code continued the previous month’s trend of positive growth in rent.
This data utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning July 2013 to July 2014, 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 2013.
Continuing June’s trend, July rentals realized a 14% drop in days on the market when compared with the preceding 12 months of leasing. The same is marginally true of a July-to-July comparison which showed July 2014’s properties leased 1.8% faster than July 2013. When analyzed by zip code, homes in 79602 and 79603 spent more time on the market when contrasted to the previous 12 months. Homes in 79601, 79605 and 79606 spent fewer days on the market, with homes in 79606 renting in half the number of days when compared to the prior 12-month average.
Repeating a familiar trend, Wylie ISD homes rented faster than Abilene ISD homes in July. Last month, the average Wylie ISD home was vacant 25 days, measured 1,534 sqft and leased for 87¢ per sqft. In contrast, the average Abilene ISD rent house was vacant 40 days, measured 1,340 sqft and leased for 64¢ per sqft. This translates to $908 in lost income for a home in Wylie ISD versus $1,094 in lost rent for a home in Abilene ISD. Still, homes in both districts spent less time on the market prior to leasing and when compared to the 12-month average, both Abilene ISD and Wylie ISD homes were vacant 5 fewer days.
Like rents, deposits also rose during the 12-month comparison period. Over the past four months, landlords increased security deposits and in July 2014, security deposits rose 13.8% when compared prior 12-month average. The gain in security deposits were offset by pet deposits which decreased over the last three months and in July saw a 12.9% decline in the average pet deposit collected.
According to NTREIS, 142 single family homes were listed for lease in July 2014 compared to 121 in July 2013. With the exception of 79603, all zip codes experienced a gain in units leased. With 142 units leased at, on average, 73¢/sqft and sized at 1,382 square feet, these leases are estimated to deliver a July 2014 value of $143,764 to the Abilene economy. Considering the coming 12 months and the leases executed during July 2014, these leases potentially account for a $1,725,166 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.