In October, rent per square foot fell relative to September rents across Abilene. When compared to the preceding year, only single-family homes in ZIP code 79603 saw an increase in rents relative to the 12-month average.
The inventory of units leased during October expanded when compared to the 12-month average. Much of this gain was driven by the inventory in 79601 and 79606, which saw a gain above single-digit leasing in the prior month. Abilene ISD realized 15-unit gain over September while Wylie ISD continued a three-month decline in units leased.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning October 2014 to October 2015, 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 2014.
Overall, no upward trend can be identified in October rents and rentals. When compared to rents from October 2014, area rents remained unchanged at 72¢ per square foot and 2¢ below the preceding 12-month average. For the last two months, the average age of all Abilene rentals has held steady at 45 years, matching the 12-month average and, as a measure of quality, providing explanation for October rent trends.
For the past three months, rentals have remained empty longer. Homes leased in October spent, on average, one full month on the market prior to being leased. Homes in 79601, 79602 and 79603 were responsible for the increased time homes remained on the market. Southside homes in 79605 and 79606 experienced a decline in days vacant. When considered by school district, Abilene ISD homes leased half a month slower than homes located in Wylie ISD.
Both pet and security deposits decreased for the third straight month. This may explain flat rents; low security and pet deposits indicate poorer quality rentals. Rentals that have less to protect with a high deposit rent for less and help explain the 7.6% drop in total rent when compared to the 12-month average.
According to NTREIS, 92 single-family homes were leased in October 2015 and they leased at, on average, 72¢/sf and were sized at 1,323 square feet. Consequently, these leases are estimated to deliver a October 2015 value of $87,636 to the Abilene economy. Considering the coming 12 months and the leases executed during October 2015, these leases potentially account for a $1,051,626 annual contribution to Abilene’s economy.