Steve’s Austin Rental Market Update – August 2005

Rental Market Update August 2005

By Steve Crossland

Average rents in Austin are rising each month in 2005 according to MLS Leasing stats. It’s too soon to know if this marks a turnaround for the Austin Rental Market, but the trend is encouraging for residential landlords and Property Managers. See the graphs and details below.

Median rents have also risen this year, but, at $1150, remain at the same level as the 2003 and 2004 median rent price.

Austin YTD June 2005 Rental Market for Single Family Homes

Despite improvement, Austin’s rental market has not yet returned to the rental rates enjoyed in 1999!

Austin TX Historic Rental Averages and Medians 1997 through June 2005 YTD

Austin Rental Market June 2005 Year to Date Stats:

    Average Days on Market for Leased homes was 62 Days
    Average size of rented homes was 1792 square feet.
    Average Price per square foor of rented homes in Austin was $0.69.

Aug 1st 2005 Quik-Stats

    Active Listings: 1261
    Pending Leases: 289
    Months Inventory: 2.91 mos.
    Current Avg, List: $1416
    Current Median List: $1240
    Median DOM = 30 Days

Download a printable pdf version of Steve’s Austin Rental Market Update here.

Posted by Steve
11 years ago
Steve

Steve is a Real Estate Blogger, Husband and Dad, UT Austin Grad, Runner, Real Estate Broker and owner of Crossland Team and Crossland Real Estate in Austin TX.