MAY 2017 AREA RENTAL REPORT

For a second month, Abilene area homes leased quicker than their 12-month average.  This trend is true townwide, by ZIP code and for homes leased in both the Wylie ISD and Abilene ISD. 

May’s pace for leasing homes marked a continued reversal of the number of days homes remained vacant when compared to prior months.  Homes in 79602, 79603 and 79606 leased in  less than a month as did homes in both Wylie and Abilene schools. 

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

Between April and May 2017, average rent per square fell by 1¢.  Rent per square foot fell in ZIP codes 79601, 79603 and 79605 marking a complete reversal from performance between March to April.  Leased homes in 79606 saw a 3¢ gain in May relative to April and this ZIP code’s 12-month average. Rent in 79602 performed the strongest with an 8₵ gain over April. Rent per square foot rose 2¢ for Abilene ISD rentals and 3¢ for Wylie ISD rentals against their 12-month average. 

On average, rents rose 2¢ town wide since last May. Even with a 2.5% gain in the price level over the last 12 months, landlords are still slightly ahead in real value when adjusted for inflation. 

The average age of homes leased in 79603 stayed the same at 60 years when compared to the prior month and the 12-month average.  All other ZIP codes saw a drop in average age for rentals and the same is true for inventory in the Abilene and Wylie ISD.  The average Wylie ISD rental was 20 years old and the average AISD rental was 56 years old.  Both average ages were consistent with their 12-month average. 

At $1,107, average May rents were flat when compared to April 2017 and the 12-month average.  May security deposits were up over April and March and roughly 90% of monthly rent.  Average pet deposits have seen a slight increase for four months and are roughly a quarter of the monthly rent since December 2016.  32% of the properties leased during May accepted pets which is 4% below the 12-month average.  

According to NTREIS, 79 single-family homes were leased in May 2017.  This is up 8 units from the previous month. These units leased at, on average, 78¢/square foot and were sized at 1,428 square feet.  Consequently, these leases are estimated to deliver a value of $87,993 to the Abilene economy in May 2017.  Considering the coming 12 months and the leases executed during May 2017 these leases potentially account for a $1,055,920 annual contribution to Abilene’s economy.