During July, Abilene rental units were smaller, older and more inexpensive. Compared to June, the average July rental was 44 square feet smaller, $47 more inexpensive and 7 years older.
This adjustment moves rent, size and age of properties closer to their 12-month average. While July saw a decrease in these three factors, July rent was $124 greater and homes were 89 square feet larger than their 12-month averages.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning July 2014 to July 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.
With the exception of homes in 79603, Abilene homes leased during July, were larger than the past, 12-month average. This helps explain higher total rent as the larger the home, the greater the rent. This impact is somewhat dampened by age, with five of the six Abilene ZIP codes leasing older homes than what had been leased from these neighborhoods in the past.
On a per square foot basis, only homes in 79602 saw a decline in rent per square foot. This gain was evident in Wylie ISD where homes reached a 92¢/sf, 12-month peak. With 92¢/sf rent, the gap between Wylie ISD and Abilene ISD rents grew to a 21¢/sf margin, a gap that falls short of the 12-month maximum in November 2014. Part of this bump in rent can be explained by property age; the inventory of Wylie homes leased in July had an average age of 15 years, representing a 12-month low to correspond to the 12-month peak in rent.
In July, homes in 79601 spent the longest time on the market while homes in 79602 spent the least amount time awaiting occupancy. Between these two extremes, homes rented half a month faster in 79602 when compared to those leased in 79601. When compared to past performance, Abilene ISD homes leased faster than their past average while July leases for Wylie homes leased with roughly the same number of days vacant.
According to NTREIS, 90 single-family homes were leased in July 2015. This is a marked decreased compared to July 2014 when 142 rentals were marketed and leased through the same source. Still, with 90 units leased at, on average, 76¢/sf and sized at 1,443 square feet, these leases are estimated to deliver a July 2015 value of $98,354 to the Abilene economy. Considering the coming 12 months and the leases executed during July 2015, these leases potentially account for a $1,180,249 annual contribution to Abilene’s economy.