June 2018 Abilene Rent Report
Among Abilene ZIP codes, 79601 was the standout with stronger rents and less time on the market for homes leased during June 2018.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning June 2017 to June 2018, 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 2017.
This performance in 79601 marks a reversal for rental performance observed during the last quarter of 2017. During this quarter, homes in 79601 leased at a slower pace than other ZIP codes in Abilene. Conventional wisdom would attribute this to college-student-driven demand for homes near ACU, HSU, and TTUHSC.
Leasing pace by ZIP code by for the last 6 years demonstrates that June is the month when 79601 leasing is at its strongest. Average performance during this period reveals homes in 79601 leased in 22 days during June. In the other eleven months, homes in 79601 languish longest on the market when compared to all other Abilene ZIP codes. Conclusion: strike a deal in June for your 79601 rent house if you want to secure a tenant for the next 12 months, otherwise it may take upwards of 3 months to find a tenant.
Alternatively, homes in 79602 lease in less time than homes in all other ZIP codes. Across the last 12 months, 79602 homes leased for $.85/sqft. This price-per-square-foot is identical to homes leased in 79606 and both ZIP codes feed into Wylie ISD schools. One needs to keep in mind that homes in 79602 and 79606 are newer and this explains, in part, why they rent for more per square foot.
The following graph captures the days-on-market for Abilene and its 5 ZIP codes. Except for June, rentals in 79601 under-perform in days vacant. Throughout the year, rentals in 79602 over-perform in terms of fewest days on the market.
In the past eleven months, Wylie ISD rents-per-square-foot have ranged from 30₵ to 15₵ more than Abilene ISD rents. In June 2018, WISD and AISD per-square-foot-rents experienced a 10₵ difference. This margin between district rents was last seen in January 2017 (9₵) and February 2015 (8₵). In June, Wylie ISD rents met their 12-month average at 92₵ per square foot while Abilene ISD rents were 7₵ above their 12-month average at 82₵ per square foot.
June rents registered a 13-month high-water mark at 84₵ per square foot. Average total rent was $1,088, security deposits averaged $914, and pet deposits averaged $341. These figures exceeded May 2018 amounts and 12-month averages. Homes leased in June were slightly smaller than the 12-month average and those leased in May 2018.
According to NTREIS, 88 single-family homes leased in June 2018 which is 5 units above the annual average and 2 units below June 2017. These units leased, on average, for 84¢/sqft and measured 1,315 square feet. Consequently, these leases are estimated to deliver a value of $97,204 to the Abilene economy in June 2018. Considering the coming 12 months and leases executed during June 2018, these leases potentially account for a $1,166,457 annual contribution to Abilene’s economy.