In January 2015, the square footage of leased houses leased grew and these homes stayed on the market longer. This is part of larger trend, as homes leased over the last four months offered more square feet and for the past five months it took progressively more time for a lease to be realized.
In September 2014, Abilene homes remained on the market of an average of 26 days. Prorating average September 2014 rent of $911 at $30.37/day, these 26 days without a tenant cost landlords in this cohort $65,671. By January 2015, time on the market had grown by an additional 10 days to 36 days vacant – 3 more days than the preceding 12-month average. Prorating average January 2015 rent of $937 at $30.23/day, it is estimated these 36 days vacant cost these landlords $93,484. The outcome: the extra 10 days unoccupied this January represents $27,813 in lost revenue when compared to a month where students and families sought rentals at the outset of the school year.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning January 2014 to January 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.
Town wide, the duration unoccupied for rentals was consistently above the 12 month average when assessed by zip code. Only homes in 79603 leased faster than the past 12-month’s average. Abilene ISD and Wylie ISD homes returned to their traditional pattern of occupancy where Wylie ISD homes rented faster than homes in AISD. In Wylie ISD homes leased, on average, in 20 days while AISD homes took 41 days to lease.
January 2015’s average rent of $937 represented a 3.5% increase when compared to the 12-month average of $905. Mirroring this trend were pet and security deposits, which both climbed, roughly, 5% over their 12-month average.
This January, 85 units were reported leased by Abilene real estate agents. This is down by 15.8.% when compared to the 12-month average and 40.4% below the number leased in January from the previous year. 79601 realized a 1-unit increase in leased homes while all other zip codes saw fewer units leased when compared to their 12-month average.
Abilene rents per square foot were 1¢ below the 12-month average and the prior month, but when compared the January 2014, rent/sqft revealed a 2.9% increase. Rents in 79602 and 79603 have decreased over the past two months and are down against their 12-month average. Only 79605 saw a gain in rent from December to January and surpassed the 12-month average and January-to-January comparison.
According to NTREIS, 85 single family homes were leased January 2015. With 85 units leased at, on average, at 69¢/sqft and sized at 1,385 square feet, these leases are estimated to deliver a January 2015 value of $81,477 to the Abilene economy. Considering the coming 12-months and the leases executed during January 2015, these leases potentially account for an $977,721 annual contribution to Abilene’s economy.
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.