Unit rent fell 1.1% when comparing March 2014 rents to an average of rents in the preceding year. This, combined with a decrease of .6% in the average rental size of leased units, contributed to .7% decrease in rent per sqft for units leased in March 2014.
This data utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning March 2013 to March 2014, allowing the user to look across these months at changes in rental prices, days on market and inventory available town wide, by school district and by zip code. The percentage changes calculated in this table compare the current month’s statistics to an average developed from the last 12 months as a means of smoothing monthly fluctuations.
According to NTREIS, 110 single family homes were leased in March 2014 compared to 114 in March 2013. When compared to the preceding 12-month average of 104 leased units, one sees a 1.3% increase compared to the prior months average. This is true for all zip codes with one exception; 79606 saw a 8.1% decline in March 2014 rentals when compared to an average of the previous 12 months. Logically, this is mirrored by activity in the Wylie ISD where completed leases fell by 5.8%.
With 110 units leased at an average rate of 69¢/sqft and an average leased unit size of 1,285, these leases are estimated to deliver a March 2014 value of $97,154 to the Abilene economy. Using the 13 months of historical data to create an annualized estimation of these lease’s contribution to the Abilene economy, it is estimated that the lease activity summarized in this table represents annual product of $13,550,694.
Town-wide, Abilene rentals leased in the same amount of time on the market as they did a year ago. Homes in 79601 and 79603 leased faster than NTREIS-marketed rentals in other parts of town. Of the two, 79601 had the most dramatic decrease in time on market, perhaps fueled by university student leasing for summer 2014. While there was little March to March variation in time on the market for Wylie ISD and Abilene ISD rentals, comparison of the current month to the prior 12-month average showed a slight decrease in time on the market for both districts.
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.