Homes rented faster in every Abilene ZIP code in April 2017. On average, homes rented in April leased 12 days faster than homes leased in March 2017 and 10 days faster than the average pace across the last 12 months.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning April 2016 to April 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.
The April 2017 pace at which homes leased is a welcome reversal from past periods. In 2016, homes sat empty longer when compared to 2015. Lower days on market translates to better returns for landlords, both for rent and for the fact that occupied properties that are less attractive to theft, vandalism and property loss. ZIP code 79603 was a standout with homes leasing, on average, in 12 days during April 2017. Homes leased slowest in ZIP code 79601, taking an average 55 days to find a tenant.
Between March and April 2017, rent per square foot rose 4¢. Rent per square foot rose in ZIP codes 79601, 79603 and 79605. Leased homes in 79606 saw a 2¢ drop compared to the prior month. With rent per square foot of 81¢, homes in 79602 realized flat rents compared to the March 2017. Rent per square foot rose 5¢ for rentals in the Abilene ISD, but fell 2¢ against the 12-month average for Wylie ISD homes.
On average, rents rose 4¢ town wide since last April. Even with a 1% gain in the price level over the last 12-months, landlords are still ahead in real value when adjusted for inflation. The average home rental in April 2016 was 7 years newer than the average rental leased in April 2017. When considered together, older homes renting for more money per square foot indicates that rents are improving in Abilene.
Average April rents were $1,108 – a $29 gain over the 12-month average and $95 above March’s performance. April’s average pet deposit of $278 was relatively flat against last month and the 12-month average. 38% of the properties leased during April accepted pets and this marks an two-month gain experienced since February 2017. Security deposits, a proxy for quality, rose slightly and this is explained by an inventory that is two years newer than homes leased in March 2017.
According to NTREIS, 71 single-family homes were leased in April 2017. This is down 30 units from the previous month. These units leased at, on average, 79¢/square foot and were sized at 1,424 square feet. Consequently, these leases are estimated to deliver a value of $79,872 to the Abilene economy in April 2017. Considering the coming 12 months and the leases executed during April 2017 these leases potentially account for a $958,466 annual contribution to Abilene’s economy.