Town wide and for all ZIP codes, the leased June inventory of Abilene-area rental homes offered smaller square footage when compared to their 12-month average and the prior month.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning June 2016 to June 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.
Rent per square foot remained flat at 78¢ per square foot between May and June 2017. This is interesting when noting that June 2017 homes were 8.6% smaller between May and June. Typically, spacious homes offer no per square foot dividend with smaller homes renting for a greater price per square foot. At 78¢ per square foot, June rents were 2¢ or 1.9% greater than their 12-month average. When compared to May 2017, rent per square foot rose 1¢ for Abilene ISD rentals and fell 1¢ for Wylie ISD rentals. On a per square foot basis, both districts performed better than their 12-month average.
The average age of homes leased in Abilene were flat at 47 years when compared to the prior month and the 12-month average. Homes in ZIP codes 79602 and 79606 saw an increase in the age of the leased inventory with 79601, 79603 and 79606 seeing a drop in age. June rentals in 79603 were the oldest with an average age of 59 years, rentals in 79606 were the newest at 26 years. Even though 79603 rentals were the oldest, the inventory of north-side homes in 79601 and 79603 became slightly newer across the second quarter of 2017.
At $986, average June rents dropped when compared to May 2017 and the 12-month average of $1,069 for monthly rent. June security deposits sharply decreased and marked the reversal of a 3-month climb for security deposits. On average, a ratio of security deposit to rent is .86. For June, this deposit-rent ratio dropped to .80, a ratio previously realized in November of last year. One can use this ratio as a proxy for quality; lower deposits travel with poorer-quality rentals that have less value to secure. Average pet deposits saw a $10 bump between May and June. 37% of the properties leased during June accepted pets which matches the 12-month average.
With the exception of the 14 rentals leased in 79601, homes leased slower in all ZIP codes, for 2both school districts and town-wide. Homes in 79602 and 79606 spent an extra week on the market when compared to prior month. Similarly, homes in Wylie ISD took 7 days longer to lease and exceeded their 12-month average of time on the market by 1 day.
According to NTREIS, 90 single-family homes leased in June 2017. This is up 11 units from the previous month. These units leased at, on average, 78¢/square foot and measured 1,305 square feet. Consequently, these leases are estimated to deliver a value of $91,611 to the Abilene economy in June 2017. Considering the coming 12 months and the leases executed during June 2017 these leases potentially account for a $1,099,332 annual contribution to Abilene’s economy.