by John Hill
July 2016 brought lower rents and smaller pet deposits, but continued the five-month trend of steadily increasing security deposits for leased single-family homes.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning July 2015 to July 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.
The summer of 2016 has worked to the favor of pet owners. On average, a third of the homes leased each month are rented to pet owners. During the summer of 2016, this number increased to 42% in June and 41% in July.
Town-wide, average total July rents fell $53 from the previous month. This is a 1.6% increase in rents over the 12-month average and registers a meager .2% increase when compared to average rents seen in July 2015.
On a square foot basis, Abilene rents were flat when compared to the 12-month average at 76₵ per square foot. When analyzed by ZIP code, only 79603 saw a gain in rent per square foot for the 15 79603 homes leased during July 2016. Wylie ISD rentals have seen the most persistent slide in rent per square foot. Wylie ISD rents reached a 2016 peak at 90₵/sqft from March to May and have decreased to 84₵/sqft over the summer months.
In constrast, homes in 79606 have seen a decrease in the number of days spent waiting for a tenant over the past five months. This month, 79606 homes leased 10 days faster than their 12-month average. Homes in other ZIP codes experienced more days on the market led by homes in 79603 which spent an average of 38 days on the market. Homes in Wylie ISD outperformed their 12-month average, spending an average of 25 days on the market. Abilene ISD homes stretched time spent on the market when compared to their 12-month average, spending just over a month before matched with a tenant.
According to NTREIS, 86 single-family homes were leased in July 2016. These units leased at, on average, 76₵/square foot and were sized at 1,437 square feet. Consequently, these leases are estimated to deliver a July 2016 value of $93,345 to the Abilene economy. Considering the coming 12 months and the leases executed during July 2016, these leases potentially account for a $1,120,143 annual contribution to Abilene’s economy.