In February, total rent, security deposits and pet deposits for leased single-family Abilene homes rose when compared to the prior month and 12-month average.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning February 2015 to February 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.
When compared to January 2016 and the 12-month average, leased housing stock was two years newer. This gain is driven by newer, leased properties in 79603, 79606 and, most acutely, in 79601. Abilene ISD rentals leased in February 2016 were 1 year newer when compared to the district’s 12-month average. February’s decline in age for AISD rentals is part of a 3-month trend towards a slightly newer leased housing stock. In contrast, Wylie ISD rentals were 2 years older when compared to their respective 12-month average and the age of Wylie ISD’s leased, single-family-home rental stock has aged steadily over the last 5 months.
Leased Wylie ISD homes have grown in size for the last four months, gaining 109 square feet since November 2015. This trend towards larger rentals is seen town wide. A square-footage comparison between leased square footage for February 2016 and both the prior month and the 12-month average revealed a gain in size of rental stock.
While total rents increased between January 2016 and February 2016, rent per square foot were flat over the same period at 75¢/sqft. This is also true for homes in 79606 where rents remained constant at 81¢/sqft. The 14¢ gain in rent/sqft in 79601 can be explained, in part, by the 10-year decrease in average age for rentals in this area. When compared to January 2016 rents, both Abilene ISD and Wylie ISD rents were relatively unchanged.
When compared to the pace of leasing in January 2016, homes in 79601 and 79605 added almost a month’s worth of days without a tenant. Homes in 79601 were up 24 days vacant for a total of 45 days without a tenant. Homes in 79606 were up 26 days empty for a total of two full months without a tenant. Town-wide, the average rental sat vacant for 39 days and Wylie ISD homes leased 12 days faster than homes in the Abilene ISD. With average rent of $1,048 prorated using a 31-day month and considering 78 homes sat empty for an average 39 days, these landlords experienced a loss in rent $76,470 due to idle rentals.
According to NTREIS, 78 single-family homes were leased in February 2016. These units leased at, on average, 75¢/sf and were sized at 1,431 square feet. Consequently, these leases are estimated to deliver a February 2016 value of $83,713 to the Abilene economy. Considering the coming 12 months and the leases executed during February 2016, these leases potentially account for an $1,004,556 annual contribution to Abilene’s economy.