July 2018 Abilene Rental Report

July 2018 Abilene Rent Report

Overview

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.

For the last four months, the average age for a rental fell. In April 2018, they were 53 years old. Across the next three months, the average age fell to 46 years recorded in July 2018.
Homes gained 183 sqft between June 2018 to July 2018
Average rent rose $130 from $1088 to $1218.
95 units were leased in July 2018, up from the 12-month average 0f 84 units and 88 units leased in the prior month.
Average rents are down by 2 cents compared to June 2018, but still 3 cents above the 12-month average.
As summer concludes, the time it takes to find a credit-worthy tenant for a rental has increased from 21 days in June 2018 to 25 days in July 2018. This is still 10 days faster than the 12-month average.

Age of the rental

While the overall average age of rentals has declined, individual ZIP codes and school districts don't mirror this trend.
79603 has seen three months where the average age of inventory remained the same at 61 years. Age of homes in 79606 held steady at 28 years between June and July 2018.
Between June 2018 and July 2018 AISD homes fell in age and WISD homes rose in age.

The graph below summarizes average age of rentals for the 13 months covered by this report. Dotted lines are actual data; solid trend lines smooth the data to identify the 12-month trend.

Average size

Over the last three months, homes grew larger in 79602.
As 79602 feeds WISD, it makes sense that larger rentals in 79602 means larger rentals in WISD. Homes have been steadily gaining sqft over the last four months in WISD.
79606 is the only ZIP code where rentals fell in size between June 2018 to July 2018, losing roughly 50 sqft.

The graph below summarizes average size of rentals for the 13 months covered by this report. Dotted lines are actual data; solid trend lines smooth the data to identify the 12-month trend.

Average days on market

Homes lease faster in the summer and for most Abilene ZIP codes, summer is over - homes in 79602 and 79605 leased at a faster pace than the prior month.
More often than not, WISD homes rent faster than AISD homes. This was true for July 2018.
79601 rentals leased in 45 days in July 2018. Northside college renters have found their house and based on past data, landlords should prepare to wait to find a tenant. 79601 has the greatest degree of variability (standard deviation of 23.56 days) when it comes to leasing.

The graph below summarizes average days on the market for the 13 months covered by this report. Dotted lines are actual data; solid trend lines smooth the data to identify the 12-month trend.

Average rent per sqft

Over the last 13 months, WISD rents trend flat; AISD trend upward.
79602 is the only ZIP code where rents trended downward.
In July 2018, WISD rent per sqft was .92 and AISD was .79 - a difference of 13 cents. Abilene ISD was 4 cents above its average and Wylie ISD was 1 cent below its average.
Top-of-the-market rents trend highest for 79606 and 79602. Bottom-of-the-market rent per sqft is unequivocally 79603.