Abilene homes continued to outpace prior month’s performance in terms of days on market. Since February, Abilene area homes stayed on the market fewer days, almost cutting the number of unleased days in half.
Since January, homes leased in 79601 have realized a steady decline in days on the market, renting almost three times faster than what was realized at the outset of 2015. In the last month, this was also true of homes leased in 79602 and 79603. Homes in 79605 and 79606, however, experienced more time on the market over the last month. When evaluated by school district, Wylie ISD homes rented 5 days faster than homes in the Abilene ISD.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning May 2014 to May 2015, 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 2014.
May 2015’s average rent of $929 roughly mirrored the 12-month average of $927. The month’s average rent marked the end of a three-month slide in rent. Both pet and security deposits rose compared to April and their 12-month average.
On a per-square-foot basis, Abilene area rents rose 2¢ and surpassed the 12-month average. When analyzed by zip code, rents in 79601, 79603 and 79605 rose relative to their 12-month average and the prior month. Rents in 79603 and 79606 fell relative to the prior month and their 12 month average.
Rents in Abilene ISD and Wylie ISD rose when compared to past performance. Wylie ISD rents rose to 90¢/sf and Abilene ISD rose to 70¢/sf for a 20¢/sf difference in price. This marks a gain in the per square-foot rent differential between these two school districts which typically averages as 18¢/sf gap.
May 2015 units leased totaled 84, which is a 20.3% decline compared to inventory in May 2014. When compared to May 2014 inventory, both Wylie ISD and Abilene ISD declined, but Wylie’s percentage drop was over double that experienced by homes in the Abilene ISD.
According to NTREIS, 84 single family homes were leased May 2015. With 84 units leased at, on average, at 73¢/sqft and sized at 1,307 square feet, these leases are estimated to deliver a May 2015 value of $80,415 to the Abilene economy. Considering the coming 12 months and the leases executed during May 2015, these leases potentially account for a $961,743 annual contribution to Abilene’s economy.