by John Hill
To better understand the rental market in Abilene, we revisited data analyzed earlier in 2014 that captures the 9,186 non-homesteaded, single-family homes in Abilene and grouped them by 9-digit zip code. The objective of this grouping was to find the neighborhoods where the greatest number of rentals are clustered. The objective is to undertand where the greatest concentration of rental are located. This helps investor-owners who are looking for neigbhorhoods with a mix of rentals and non-rentals that meet their investment model. It is also beneficial to homeowners who assess a neighborhood based on the number of units for lease.
Instead of using the full 9-digit zip code, we employ 7-digit zip code. 9-digit zip codes provide information at the block level and distinguish between different sides of the street in some cases. This street-level view is too detailed for our purposes and fails to capture a neighborhood of homes. By stepping back two digits, we were able to use this truncated code todescribe neighborhoods in a way that would be meaningful for an investor or home owner.
Using these 7-digit zip codes, we created a ranking of neighborhoods by the number of single-family rental properties. The 15 neighborhoods with the largest count of non-homesteaded, single-family homes is entabled below:
The 1, 2, 3 and 4 indicate four, contiguous neighborhoods which, together, represent a larger swath of single-family rental homes. The areas denoted by 1 between (N) Aztec, (E) Clack (S) S. 7th and (W) Ruidoso contains 380 single-family rentals. The area denoted by 2 between (N) S 11th (E) Marshall (S) S 20th and (W) Barrow contains two, continguous, 7-digit zip code areas with 226 single-family units. The area denoted by 3 between (N) N 20th (E) Park (S) S 10th and (W) Mockingbird contains two, continguous, 7-digit zip code areas with 221 single-family units. Lastly, the area denoted by 4 between (N) S 5th (E) Barrow (S) Hunt and (W) Willis contains two, continguous, 7-digit zip code areas with 201 single-family units. Areas 2 anjd 4 share boundaries making one, larger continguous neighborhood with a total of 427 single-family rentals centered around the intersection of S 14th and Barrow.