Unit rent rose 6.2% when comparing February 2014 to February 2013. Rent/sqft trailed closely with a gain of 5.4% when compared to February 2013. With annual inflation rate 1.5%, this means a real gain of 4.7% in overall rent and 3.9% on a sqft basis.
This data utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning February 2013 to February 2014, allowing the user to look across these months at the movement of rental prices, days on market and inventory available town wide, by school district and by zip code.
According to NTREIS, February 2014 ended with 116 units still available for rent. During Feburary 2014 , there were 101 units leased compared to 142 a year ago or a 33.7% decline in leasing. This reduction is available rentals was felt most acutely in 79601 – this area saw a decrease in February rentals of 8 units leased down from 23 units leased in February a year ago. All zip codes and Abilene school districts experienced a decline in units with completed leases. As in the 13 month comparisons for December and January, all rentals commanded higher deposits with a 11% increase in security deposits and 5.5% increase in pet deposits which seems to indicate strength on the part of the landlord.
This strength is underscored by the duration which single-family rentals remained on the market. Town-wide, Abilene rentals spent 6 days less on the market than a year ago. With the exception of homes in 79605 and 79606, all other zip codes experienced decreased time on the market when compared to a year ago. While WISD homes were on the market for, on average, 26 days versus AISD homes which were on the market for an average 42 days, both districts saw rentals spend less time on the market when compared to February 2013.
If you have questions about this data, its assembly or interpretation, please contact us. We welcome the opportunity to discuss how this data might be employed to help you make informed choices regarding investment property in Abilene.