In most Abilene neighborhoods, single-family homes rented for more per square foot and rented faster in May 2014 when compared to the preceding 12-month average.
While overall rents were down, so was the size of units available for rent. With a decrease in square footage by 1.7% and drop in rents by 1.3%, rents per square foot rose by 2.2% when compared to the preceding 12-month average. With the exception of homes leased in 79605 whose rent/sqft dropped slightly by .6%, rent per square foot increased across the city. The greatest increase by zip code took place in 79606 where rent per square foot rose by 9%. Given the overlap in data used for the calculation, Wylie ISD saw a 9.6% increase in square foot rates.
This data utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning May 2013 to May 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.
The good news in rent rates was repeated in the diminished time homes spent on the market. Abilene rentals leased almost twice as fast when compared to the prior 12 months. Separating the data by zip code and school district revealed the same trend, with homes leasing faster than they did in an average of the preceding 12 months. A May-to-May comparison of the time these homes remained on the market demonstrated the same town-wide tightening in rental unit inventory.
Deposits, on the other hand, fell during the comparison period. Landlords conceded .7% in security deposits when comparing May 2014 to the average of the prior 12 months. Similarly, May 2014 saw a 3.3% decline in the average pet deposit collected. This decrease is more pronounced when one compares May 2014 to May 2013. May 2014 pet deposits fell by 6% and security deposits fell by 8.6% when contrasted to May 2013.
According to NTREIS, 103 single family homes were leased in May 2014 compared to 118 in May 2013. When compared to the preceding 12-month average of 105 leased units and the 110 units leased in April 2014, one sees a dip in inventory. North Abilene zip codes experienced a gain in units leased while south-side single-family homes saw fewer completed leases. This south side trend was mirrored by both the Abilene ISD and Wylie ISD, which saw a drop in available single-family homes in both districts.
With 103 units leased at an average rate of 70¢/sqft and an average leased unit size of 1,299, these leases are estimated to deliver a May 2014 value of $93,829 to the Abilene economy. Considering the last 12 months and the leases executed during this period, these leases potentially account for a $1,123,586 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.