Austin Rental Market – May 2007 Update Stats

The average rental price in Austin is up 7.6% from May of last year to $1377. The Median rental rate is up 3% to $1175/mo. Days on Market is down 27% and number of homes leased is down 15%. In short, our Austin rental market for single family homes continues to chug along very well, with rents steadily rising. The drop in number of homes leased is, according to property managers I know, largely due to more renters renewing their lease instead of moving or buying a home.

When talking with investors about the Austin Rental Market, and putting into context where we are now compared to where we’ve been, I’ll often say something like “Austin’s average rental rates are still below the 1999 average”. As of April and May, rental rates are above the $1306 mark set in 1999. (see chart below). If we end the year with an average rental rate above $1306/mo., I’ll have to start saying “since 2000” instead of 1999. It’s about time.

I don’t have the MLS area breakdowns this month as I’m swamped and don’t have the time to do those. But I’ll have a mid-year breakdown next month.

Austin Rental Market Stats May 2007
Previous Month and Year Comparison
All MLS Areas - Houses Only

 
Apr 2007
May 2007
May 2006
Yr % Change
# Leased
554
650
749
-15%
Avg List Price
$1320
$1384
$1287
7.5%
Median List Price
$1195
$1250
$1195
4.6%
Avg Leased Price
$1310
$1377
$1279
7.6%
Med Leased Price
$1195
$1210
$1175
3.0%
Avg Size SQFT
1882
1910
1836
4.0%
Median SQFT
1784
1817
1766
2.9%
Avg $ per SQFT
$0.70
$0.72
$0.70
2.9%
Avg Days on Mkt
48
40
55
-27%
Median Days on Mkt
36
36
45
-20%

Below is the Year to Date comparisons for Jan-May 2006/2007. Austin single family homes only.

Austin Rental Market Jan-May 2006/2007 Comparison
All MLS Areas - Houses Only

 
Jan-May 2006
Jan-May 2007
Yr % Change
# Leased
3256
3151
-3.2%
Avg List Price
$1230
$1304
6.0%
Median List Price
$1125
$1195
6.2%
Avg Leased Price
$1219
$1296
6.3%
Med Leased Price
$1100
$1195
8.6%
Avg Size SQFT
1819
1877
3.2%
Median SQFT
1746
1786
2.3%
Avg $ per SQFT
$0.67
$0.69
3.0%
Avg Days on Mkt
56
52
-7.1%
Median Days on Mkt
48
29
-66%

Austin Rental Market 1999-2006

Posted by Steve
9 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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Michael - 9 years ago

Steve,

I agree with your assertion that more residents are renewing their leases than this time last year. That is definitely the trend we are seeing in our office. The market is finally pulling out of its long down turn, much to the delight of our clients. However, we still see the fringe areas struggling.

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Brent - 9 years ago

How are the summer months looking? Has June data been published?

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Steve - 9 years ago

Still working on rental stats for mid-year. Sales stats are up as of this morning for June and YTD.
http://crosslandteam.com/blog/2007/07/25/austin-real-estate-market-sales-stats-june-2007-update/

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