JULY 2017 AREA RENTAL REPORT

Town wide and for all ZIP codes, leased homes offered more square footage in July 2017 when compared to prior month.  Homes in Wylie ISD saw the biggest gain of 239 square feet relative to July, but this makes sense, given that homes in this district are newer. 

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

While homes were larger town wide, they were roughly the comparable to their 12-month average of 1,423 square feet.  Homes in 79605 and 79606 were larger and homes in 79601, 79602 and 79603 were slightly smaller when compared to their 12-month average.  Homes in Wylie ISD were 128 square feet larger - about the size of another bedroom. 

For the third straight month, the average age of homes leased in Abilene were flat at 47 years which was also the 12-month average age for rentals. The age of homes in Wylie ISD has trended downward since April and, currently, homes are 5 years newer than the 12-month average age.  For a second month, rentals in 79603 had the oldest rentals at 63 years when compared to the construction date for other, Abilene-area ZIP codes.   

July rent per square foot was 5¢ above the 12-month average for Abilene rentals.  This provides a measure of robustness for Abilene rentals considering that July 2017 homes are roughly the same size and age as their 12-month average. Homes in ZIP code 79606 saw the greatest gain from the last month with a 10¢ increase in rent per square foot. This gain in 79606 rent contributes to the 4¢/sqft increase in Wylie ISD rents.  Homes in ZIP codes 79601 and 79603 lost 1¢ per square foot when compared to June rents. 

At $1,148, average July rents rose when compared to June 2017 and the 12-month average of $1,074 for monthly rent.  July security deposits reset to $981 and dismiss June 2017 as an outlier amid climbing deposits realized since March 2017. On average, a ratio of security deposit to rent is .86¢.  This ratio is mirrored by the ratio of July rents and deposits.  Average pet deposits were down $34 between June and July.  38% of the properties leased during July accepted pets which is slightly above the 12-month average and last month. Together, it appears landlords are making concession to pet owners to get rentals leased. 

Northside homes in 79601 and 79603 spent more days on the market in July than they did in the previous month. Homes in 79601 spent more time on the market, taking 44 days on average to lease.  In July, southside homes recorded less days on the market when compared to June.  Homes in 79606 and 79605 tied for the least days on the market, leasing in 20 days.  Rentals in the WISD and AISD leased faster in July when compared to June 2017 and the 12-month average. 

According to NTREIS, 85 single-family homes leased in July 2017.  This is down 5 units from the previous month. These units leased at, on average, for 82¢/square foot and measured 1,421 square feet.  Consequently, these leases are estimated to deliver a value of $99,043 to the Abilene economy in July 2017.  Considering the coming 12 months and leases executed during July 2017, these leases potentially account for a $1,188,524 annual contribution to Abilene’s economy.