For a second straight month, single-family homes rented for more per square foot and rented faster in June 2014 when compared to the preceding 12-month average.
As seen in May 2014, the size of units available for rent in June 2014 were consistent at 1,299 square feet, but fell relative to average unit size realized in the preceding 12 months and June 2013. Average June 2014 rent rose to $926, for a 4.2% increase. When analyzed by price/sqft, Abilene witnessed a 7.6% increase in rents when compared to data from the previous 12 months. This rise was mirrored in each Abilene zip code, with 79602 seeing the greatest gain in rent/sqft at a 14.1% gain.
This data utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning June 2013 to June 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 both an average of the last 12 months to smooth monthly fluctuations and the same monthly data from the prior year.
When reviewing the last 12 months of properties leased, this June’s homes were 4 years newer. Along with market forces, this explains, in part, the rise in rents seen across the board. Age is part of the rental story and helps to explain 18¢ differential that exists between Wylie ISD and Abilene ISD rentals. In June 2014, the average age for Wylie ISD rentals was 19 years versus 47 years for rentals in the AISD.
Abilene rentals saw a 36.5% drop in days on the market when compared with the preceding 12 months of leasing. The same is true of a June-to-June comparison which showed this June’s rental properties leased 29.6% faster than June 2013. When analyzed by zip code and school district, all rentals, with the exception of those in 79603, spent less time on the market when contrasted to the previous 12 months. Abilene ISD homes spent almost double the days on the market of a Wylie ISD home.
Like rents, deposits also rose during the 12-month comparison period. Landlords increased security deposits 7.5% in June 2014 when compared prior 12-month average. The gain in security deposits were offset by pet deposits which saw a 11.5% decline in the average pet deposit collected.
According to NTREIS, 97 single family homes were listed for lease in June 2014 compared to 92 in June 2013. Zip codes 79601, 79602 and 79606 experienced a decline in units leased while zip codes 79603 and 79605 saw more completed leases for single-family homes. With 97 units leased at an average rate of 74¢/sqft and an average leased unit size of 1,299, these leases are estimated to deliver a June 2014 value of $93,485 to the Abilene economy. Considering the last 12 months and the leases executed during June 2014, these leases potentially account for a $1,217,071 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.