NOTES ON RENT CALCULATOR
- 365 days of NTREIS-reported lease data for 1005 properties leased prior to October 1, 2017 were used for estimates. No adjustment for inflation was made as rent has consistently averaged 77₵ per square foot over the last 12 months.
- Model only looks at single-family homes.
- Bedrooms, full baths and covered parking spaces are measured linearly, i.e. each additional bedroom adds $94.15 to rent, each full bathroom adds $163.10, each covered parking stall adds $41.89. One could say that a two-car garage adds $83.78 to rent.
- Age and square footage are measured cuvilinearly. It is assumed that increased square footage causes rent to increase at a decreasing rate, i.e. the 1001th sqft is worth more than the 2001th square foot. It is assumed that age causes rent to decrease at a decreasing rate. This is akin to a new car - a car loses the most value when you drive it off the lot, but difference in value between an 11 or 10 year old car is negligible. The same is true for a 60 or a 55 year old house - this model estimates a 95₵ loss in rent for the extra five years. The table that follows captures the estimated gain in rent for square footage and the decline in rent for age:
- Elementary school district completes the estimation of rent landlords can charge. Martinez, Ortiz, and Reagan elementary schools are statistically insignificant in explaining rent. In the case of these schools, this may suggest that securing basic needs - like housing - comes before other considerations like shopping for the best school. Martinez, Reagan and Ortiz serve large populations of economically disadvantaged students. Options limited by diminished income may explain why these districts offer no statistically relevant contribution to monthly rent for rentals.
- The contribution of elementary school to rent was correlated with the percent of economically disadvantaged students and the 2017 TEA Accountability scores for each campus. There is a significant negative correlation between rent and the percent economically disadvantaged and lesser, but positive correlation between rent and TEA Accountability scores.