Austin Leasing Update for May 2006

Leasing Market Update

The number of single family homes that leased in May 2006 increased by 44% from May of last year and homes in Austin are leasing faster than a year ago. But the rental rates are still treading water. Were it not for all of the additional housing supply being created by investors, rental rates would have started a strong climb by now. Investment sales continue to be strong. Most of our investor buyers are purchasing in the $200K to $300K price range in the South and West areas of Austin, but we’ve also recently sold homes in Steiner Ranch near Lake Travis and and Tera Vista in Round Rock. The areas in which sales are very strong are also areas in which the rental market is doing very well.

I have several charts and graphs listed below. By next month will try to start doing the same stats for sales, and also lining up sales and leasing stats by area to see how the sales/rent value ratios look across different areas and price ranges.

 

Austin Leasing Stats May 2006
All MLS Areas – Houses Only
May 2005
May 2006
% Change
# Leased
494
710
+ 44%
Avg List Price
$1287
$1287
0%
Median List Price
$1192
$1195
+ 0.2%
Avg Leased Price
$1271
$1278
+ 0.5%
Med Leased Price
$1150
$1155
+0.4%
Avg Size SQFT
1791
1834
+ 2.4%
Median SQFT
1685
1761
+ 4.5%
Avg $ per SQFT
$0.71
$0.67
– 5.6%
Avg Days on Mkt
57
54
– 5.2%
Median Days on Mkt
52
44
– 15%

 


Below I’ve broken down the May stats into different categories, including taking a look at leasing values based on year built. The older homes rent for more per square foot than newer ones, but that is a reflection of both the smaller square footage amounts and the fact that the older a home is the more likely it is to be located in the more desireable and expensive Central Austin neighborhoods.

Austin Leasing Stats May 2006
By City and MLs Areas- Houses Only
MLS Area or City
# Leased
Avg $
Leased
Avg
SQFT

AVG $

Per SQFT

Avg
Days
Austin
364
$1394
1755
$0.79
49
Round Rock
98
$1157
1923
$0.60
64
Cedar Park/Leander
87
$1185
2008
$0.59
49
Hutto/Manor/Elgin
29
$1036
1929
$0.54
53
Kyle/Buda
44
$1066
1772
$0.60
60
Dripping Springs
3
$1348
1383
$0.97
53
Lakeway
6
$1857
2481
$0.75
58
Pflugerville
41
$1132
1890
$0.60
54
Westlake/Eanes
11
$2593
2346
$1.11
34
Georgetown
17
$1205
1909
$0.63
49
Austin Locations BY MLS Area – Houses Only – May 2006
E. C. Austin (Area 3,5)
31
$1063
1286
$0.83
69
S. Central Austin (6,7)
18
$1339
1238
$1.08
45
South Austin (Area 10)
43
$1140
1567
$0.73
47
SW Austin (Area SW)
40
$1540
2205
$0.70
58
West Austin (W)
5
$1689
2261
$0.75
49
Central Austin (1B,4)
37
$1599
1264
$1.27
34
NW Hills Austin (1A)
2
$2875
2481
$0.86
44
River North (RN)
13
$2027
2646
$0.77
71
Lake North (LN)
8
$1295
2033
$0.64
93
Area 1N (NW Austin)
17
$1530
1880
$0.81
42
Area NW (NW Austin)
32
$1295
1921
$0.67
47
N. Central Austin (2)
18
$1101
1134
$0.97
31
North Austin (2N, N)
29
$1163
1684
$0.66
48
Nrth East Austin (NE)
18
$1174
1740
$0.67
52
E. Austin (3E, 5E)
11
$1028
1561
$0.66
59
SE Austin (9, 11, SE)
12
$1111
1783
$0.62
71
Austin Leases by Year Built
– All MLS Areas – Houses Only – May 2006

2000 or Newer
345
$1287
1992
$0.65
56
1990 to 1999
133
$1333
2093
$0.64
56
1980 to 1989
87
$1174
1618
$0.73
54
1970 to 1979
41
$1262
1593
$0.79
41
1960 to 1969
31
$1162
1442
$0.81
65
1950 to 1959
32
$1216
1214
$1.00
36
1940 to 1949
19
$1246
1074
$1.16
44
1930 to 1939
12
$1495
1186
$1.26
52
1920 to 1929
5
$1239
1090
$1.14
57
1910 to 1919
2
$1450
1425
$1.02
35
1900 to 1909
3
$2066
1573
$1.31
11
Built before 1900
0
0
0
0
0

 

Posted by Steve
10 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.

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Lisa - 10 years ago

Thanks for the info. We may relocating to Austin, and are considering the southern part of town. We’ll rent for 6mos-1yr, before buying. This is very helpful!

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