OCTOBER 2017 AREA RENTAL REPORT

Compared to September 2017, rent houses in the Abilene ISD leased at a slower pace in every ZIP code that feeds this district.  Overall, Abilene ISD homes leased 10 days slower in October when compared to the prior month.

This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning October 2016 to October 2017, 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 2016.

Homes in 79601, 79602, and 79605 spent more time on the market compared to their 12-month average. October rentals in 79603 matched their 12-month average of 31 days.  The pace at which homes leased in 79606 continued to improve to just over a month and this statistic is below this area’s 12-month average of 40 days vacant.

Rent per square foot continues to mirror the 12-month average of 77¢ per square foot.  October’s average Abilene rent fell a penny to 76¢ per square foot.  Rents for Abilene ISD and Wylie ISD were stable, matching their 12-month average of 73¢ and 89¢, respectively.  Homes in 79605 had the smallest rent per square foot at 72¢ and 79602 at 82¢ had the largest rent per square foot. This comes as no surprise with the new, single-family development in this area.

At $1,064, average October rents rose $37 when compared to September 2017 and were only $5 above the 12-month average.  This total increase is driven by a gain in average size of October rentals. 

October security deposits and pet deposits were almost identical to their 12-month average. Average pet deposits were down $26 between September and October and only 26% of the properties leased during October accepted pets, matching the 12-month low realized in August for properties that accommodate pets.

According to NTREIS, 77 single-family homes leased in October 2017.  This is down 1 unit from the previous month. These units leased at, on average, for 76¢/square foot and measured 1,418 square feet.  Consequently, these leases are estimated to deliver a value of $82,981 to the Abilene economy in October 2017.  Considering the coming 12 months and leases executed during October 2017, these leases potentially account for a $995,776 annual contribution to Abilene’s economy.