Homes leased in February 2017 saw a 2¢ bump in rent per square foot. This increase is more meaningful knowing that the average rental was 2 years older and 50 square feet smaller than homes leased over the last 12 months.
This overview utilizes NTREIS data on leased properties in Abilene, Texas. This data provides 13 months of data spanning February 2016 to February 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.
This 2₵ gain in rent town-wide was driven by gains in all ZIP codes except for 79605. In February 2017, homes located in 79605 leased for 2¢ less than the 12-month average and 5¢ less than the previous month. All other ZIP codes rose against their 12-month average and prior month’s average, with the greatest gains in 79601. At 92¢ per square foot, Wylie ISD homes leased for 19¢ more than Abilene ISD homes. Both districts outperformed their 12-month average and the previous month.
Higher February 2017 rents for slightly older and smaller homes indicates a slight improvement in the market for Abilene rentals. When comparing February’s performance to the last 12 months, Abilene rentals experienced a 2.6% gain in rent. Inflation, however, tempers this gain. Adjusting for the 2.5% gain in inflation since January 2016, Abilene rentals gained a 1/10th a percent increase in real value.
Average February rents were $1,079, an $11 gain over the 12 month average, but a slight drop of $3 from January’s performance. February’s average pet deposits of $270 and security deposits at $927 were relatively flat against their 12-month average. 29% of the leased properties accepted pets, which marks a 12-month low in the willingness to landlords to lease to pet owners. One could interpret this as landlords had more strength in the transaction and did not concede to pet owners when renting their property.
For well over a year, the pace at which homes lease has lengthened. January 2017 marked a 12-month peak in days on market for Abilene rentals at an average of 51 days. While still above the 12-month average of 37 days, February rentals leased, on average, in 43 days. With the exception of homes in 79605 and 79603, other zip codes and school districts saw a reduction in the time rentals sat empty before a tenant was found. 79602 was the only ZIP code where homes leased faster than their 12-month average.
According to NTREIS, 85 single-family homes were leased in February 2017. These units leased at, on average, 78₵/square foot and were sized at 1,395 square feet. Consequently, these leases are estimated to deliver a value of $92,489 to the Abilene economy in February 2017. Considering the coming 12 months and the leases executed during February 2017 these leases potentially account for a $1,109,862 annual contribution to Abilene’s economy.