JANUARY 2016 ABILENE AREA RENTAL DATA

When compared to the previous 12-month average and January 2014 rents, January 2015 rents showed little variation.  January rents were -.4% below the 12-month average and a slight 1.4% better than rent in January from a year ago. 

This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning January 2015 to January 2016, 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 2015. 

Flat rents have been characteristic of rent rates since Barnett & Hill began reporting on rent statistics in December 2012.   To get a more accurate sense Abilene rents, real rents were employed to assess gains across this three-year period.  This inflation-adjusted data revealed a only a slight .11 increase in rents per annum. 

Looking back at nominal rents,  Abilene experience its best rent in February 2015 at .80/sf and the lowest rent in February 2013 at .65/sf - a .15/sf difference.  It is interesting to note that oil was $90/barrel in February 2013 and $50/barrel in February 2015.  Statistics like this suggests Abilene is more of an oil consumer than producer and the people most likely to rent can afford to bid up rent when gas at the pump is cheaper. 

Compared to December 2015, January pet deposits were more inexpensive, but more landlords were willing to lease to pet owners.  44% of January 2016 rentals accepted pets, a percentage that is 11 points higher than the 12-month average of 33% and is the highest pet acceptance rate across the 12 months reviewed.

When reviewed on a per square foot basis, Abilene rents fell 2¢ over the preceding month, and matched the 12-month average at 75¢/sf.  When compared to December 2015 rents, Abilene ISD rents fell 3¢ to 69¢/sf while Wylie ISD rents held steady at 89¢.   

Abilene homes stayed on the market 8 days longer than the 12-month average of 28 days.  This trend was true for all ZIP codes except for rentals in 79601 which, on average, leased in 20 days.  Of the five ZIP codes, the greatest number of home leased in January 2016 could be found in 79606.

According to NTREIS, 72 single-family homes were leased in January 2016. These units leased at, on average, 75¢/sf and were sized at 1,411 square feet.  Consequently, these leases are estimated to deliver a January 2016 value of $76,194 to the Abilene economy.  Considering the coming 12 months and the leases executed during January 2016, these leases potentially account for an $914,328 annual contribution to Abilene’s economy.