Compared to the 12-month average, single-family homes spent more time on the market in all ZIP codes and districts town wide. This is typical of the market during a period where there are fewer rentals that lease slowly during a time of the year when tenants are less footloose.
Homes in 79603 and the Wylie ISD saw a decrease in days spent on the market when compared to the last year’s pace. In all other ZIP codes and in the AISD, single-family homes leased at a slower pace than they did in December 2014. While 79601 leased at the slowest pace of 84 days, it is important to recognize only three units were leased in December in 79601 and they remained on the market 48, 58 and 145 days. This is well above the 35-day average for all December 2015 leases, but the bias introduced by a small sample provides a degree of explanation.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning December 2014 to December 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.
Compared to November 2015, pet deposits held steady at $265 per lease. Roughly 40% of December 2015 rentals accepted pets, a percentage that is 7 points higher than the 12-month average of 32%.
December 2015 security deposits were markedly higher than November 2015 and the 12-month average. December 2015 deposits were $80 higher than the previous month and $57 higher than the 12-month average.
When reviewed on a per square foot basis, Abilene rents rose 4¢ over the preceding month, continuing the trend for the quarter. Based on December 2015 rents, rents rose 4¢ in the Abilene ISD and fell 1¢ in Wylie ISD with a 17¢ margin between both districts. With the exception of 79603, rents were up town-wide compared to their 12-month average.
Part of the reason Wylie ISD homes rent for more is a function of age and configuration of properties in this district. Wylie ISD homes are 35 years newer at 204 square feet larger than homes in the Abilene ISD.
According to NTREIS, 62 single-family homes were leased in December 2015, the smallest number of leased units across the 13 months captured in this report. These units leased at, on average, 77¢/sf and were sized at 1,410 square feet. Consequently, these leases are estimated to deliver a December 2015 value of $62,313 to the Abilene economy. Considering the coming 12 months and the leases executed during December 2015, these leases potentially account for an $807,761 annual contribution to Abilene’s economy.