Austin Rental Market – July 2007 stats update

The Austin rental market continues to see rising rents. The mortgage problems in the sub-prime mortgage loan market are helping rental markets in all parts of the U.S., as renters who should not be qualified to purchase a home are indeed remaining renters, as they should. Austin has the added benefit of a strong job market, which is bringing new renters into the Austin area. These newcomers are often qualified to buy a home but do not want to commit to a home purchase immediately, so they rent for a year or two while deciding where they want to buy, and making sure the new job works out. Thus, there continues to be an influx of quality renters.

Austin Rental Market Stats July 2007
Previous Month and Year Comparison
All MLS Areas – Houses Only

 
June 2007
July 2007
July 2006
Yr % Change
# Leased
750
791
832
-4.9%
Avg List Price
$1370
$1385
$1324
4.6%
Median List Price
$1250
$1250
$1200
4.2%
Avg Leased Price
$1364
$1378
$1313
5.0%
Med Leased Price
$1250
$1225
$1200
2.1%
Avg Size SQFT
1897
1848
1904
-2.9%
Median SQFT
1810
1761
1799
-2.1%
Avg $ per SQFT
$0.72
$0.75
$0.69
16%
Avg Days on Mkt
41
37
47
-21%
Median Days on Mkt
28
29
36
-19%

Stats Summary:
Average rents are up 5% this July over July 2006.
Average Days on Market for July 2007 was 37 days, which is a 21% decrease from July 2006.
Median Days on market is 29 days for July, which is a 19% decrease over last year. This means more than half of all homes leased through the Austin MLS rent in 29 days or less. This marks a return to a good landlord’s market, though there are still plenty of homes that do not rent quickly, either due to overpricing, poor condition, poor marketing by the agent, or all three.

Below is a breakdown of stats for YTD 2007 compared to the same period 2006.


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

 
Jan-Jul 2006
Jan-Jul 2007
Yr % Change
# Leased
4875
4746
-2.6%
Avg List Price
$1254
$1329
6.0%
Median List Price
$1150
$1200
4.3%
Avg Leased Price
$1243
$1321
6.3%
Med Leased Price
$1150
$1195
3.9%
Avg Size SQFT
1837
1875
2.1%
Median SQFT
1750
1786
2.1%
Avg $ per SQFT
$0.68
$0.70
2.9%
Avg Days on Mkt
53
48
-9.4%
Median Days on Mkt
43
35
-19%

Below is a graph that illustrates the wild ride our rental market took from 1999 through now, and the positive direction in which the Austin rental market is now heading.
Austin Rental Market Graph

Below is a breakdown of Austin leasing stats by MLS Area for 2007 YTD through July compared to the same period 2006. An MLS is at the bottom if you’re not familiar with the areas. As usual, these are for referrence and to help readers get a general idea of what the rental rates and activity look like in a particular area. You should be aware that small sample sizes can cause big swings. If you own a rentla prooperty and would like a rental analysis, contact me or Sylvia.

MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
All Areas 2007 4746 $1,321 $1,195 1,875 $0.70 48 1992

2006 4875 $1,243 $1,150 1,837 $0.68 53 1991
Change -2.65% 6.28% 3.91% 2.07% 4.12% -9.43% 1
MLS Area YTD-Apr # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
1A 2007 25 $2,344 $2,200 2,443 $0.96 51 1975
2006 16 $2,163 $1,997 2,298 $0.94 25 1978
Change 56.25% 8.37% 10.17% 6.31% 1.94% 104% -3
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
1B 2007 41 $2,045 $1,950 1,670 $1.22 37 1950
2006 52 $2,203 $1,997 1,773 $1.24 34 1949
Change -21.15% -7.17% -2.35% -5.81% -1.45% 9% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
1N 2007 97 $1,527 $1,325 1,917 $0.80 43 1983
2006 120 $1,366 $1,195 1,814 $0.75 38 1983
Change -19.17% 11.79% 10.88% 5.68% 5.78% 13% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
2 2007 72 $1,250 $1,200 1,208 $1.03 32 1958
2006 93 $1,126 $1,100 1,212 $0.93 41 1957
Change -22.58% 11.01% 9.09% -0.33% 11.38% -21.95% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
2N 2007 83 $1,082 $1,071 1,418 $0.76 44 1974
2006 80 $1,063 $1,022 1,477 $0.72 63 1974
Change 3.75% 1.79% 4.79% -3.99% 6.02% -30.16% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
3 2007 86 $1,124 $1,060 1,275 $0.88 47 1961
2006 101 $1,110 $1,095 1,362 $0.81 53 1962
Change -14.85% 1.26% -3.20% -6.39% 8.17% -11.32% -1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
3E 2007 40 $1,038 $1,025 1,383 $0.75 83 1983
2006 35 $1,100 $1,050 1,529 $0.72 64 1994
Change 14.29% -5.64% -2.38% -9.55% 4.33% 29.69% -11
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
4 2007 119 $1,583 $1,395 1,363 $1.16 46 1949
2006 106 $1,451 $1,295 1,251 $1.16 42 1950
Change 12.26% 9.10% 7.72% 8.95% 0.13% 9.52% -1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
5 2007 79 $1,061 $1,100 1,234 $0.86 49 1969
2006 92 $1,000 $950 1,214 $0.82 56 1968
Change -14.13% 6.10% 15.79% 1.65% 4.38% -12.50% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
5E 2007 30 $996 $997 1,607 $0.62 48 2002
2006 38 $1,027 $1,012 1,714 $0.60 77 2002
Change -21.05% -3.02% -1.48% -6.24% 3.44% -37.66% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
6 2007 63 $1,626 $1,595 1,417 $1.15 31 1957
2006 72 $1,306 $1,250 1,176 $1.11 37 1952
Change -12.50% 24.50% 27.60% 20.49% 3.33% -16.22% 5
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
7 2007 7 $1,387 $1,250 1,267 $1.09 21 1956
2006 17 $1,499 $1,400 1,417 $1.06 32 1957
Change -58.82% -7.47% -10.71% -10.59% 3.48% -34.38% -1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
8E 2007 28 $2,638 $2,375 2,367 $1.11 32 1979
2006 24 $2,487 $2,120 2,226 $1.12 29 1979
Change 16.67% 6.07% 12.03% 6.33% -0.25% 10.34% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
8W 2007 33 $2,477 $2,150 2,540 $0.98 56 1989
2006 35 $2,367 $2,250 2,505 $0.94 29 1986
Change -5.71% 4.65% -4.44% 1.40% 3.21% 93.10% 3
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
9 2007 21 $1,201 $1,175 1,417 $0.85 61 1984
2006 15 $1,059 $1,050 1,370 $0.77 38 1973
Change 40.00% 13.41% 11.90% 3.43% 9.65% 60.53% 11
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
10N 2007 95 $1,139 $1,100 1,324 $0.86 38 1972
2006 89 $1,078 $1,050 1,341 $0.80 41 1975
Change 6.74% 5.66% 4.76% -1.27% 7.02% -7.32% -3
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
10S 2007 202 $1,195 $1,195 1,580 $0.76 36 1989
2006 241 $1,153 $1,150 1,559 $0.74 40 1988
Change -16.18% 3.64% 3.91% 1.35% 2.27% -10.00% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
11 2007 69 $1,057 $1,025 1,521 $0.69 43 1993
2006 72 $977 $972 1,437 $0.68 55 1989
Change -4.17% 8.19% 5.45% 5.85% 2.21% -21.82% 4
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
CLN 2007 326 $1,157 $1,100 1,933 $0.60 48 2001
2006 414 $1,117 $1,095 1,981 $0.56 52 2001
Change -21.26% 3.58% 0.46% -2.42% 6.15% -7.69% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
CLS 2007 239 $1,405 $1,395 2,091 $0.67 50 1998
2006 200 $1,313 $1,250 2,043 $0.64 51 1997
Change 19.50% 7.01% 11.60% 2.35% 4.55% -1.96% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
EL 2007 31 $1,033 $996 1,897 $0.54 63 2002
2006 19 $1,011 $995 1,847 $0.55 80 2001
Change 63.16% 2.18% 0.10% 2.71% -0.52% -21.25% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
GTE 2007 53 $1,086 $1,095 1,776 $0.61 45 1996
2006 57 $1,042 $995 1,702 $0.61 59 1996
Change -7.02% 4.22% 10.05% 4.35% -0.12% -23.73% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
GTW 2007 39 $1,334 $1,295 1,896 $0.70 51 1993
2006 43 $1,299 $1,295 1,958 $0.66 52 1995
Change -9.30% 2.69% 0.00% -3.17% 6.05% -1.92% -2
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
HD 2007 37 $1,828 $1,795 2,404 $0.76 54 1999
2006 52 $1,631 $1,650 2,171 $0.75 60 1997
Change -28.85% 12.08% 8.79% 10.73% 1.22% -10.00% 2
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
HH 2007 297 $1,129 $1,100 1,831 $0.62 49 2003
2006 277 $1,068 $1,025 1,807 $0.59 57 2003
Change 7.22% 5.71% 7.32% 1.33% 4.33% -14.04% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
HU 2007 194 $1,064 $1,050 1,911 $0.56 59 2004
2006 166 $1,032 $995 1,871 $0.55 65 2004
Change 16.87% 3.10% 5.53% 2.14% 0.94% -9.23% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
LN 2007 30 $1,102 $1,012 1,542 $0.71 60 1988
2006 35 $1,061 $1,000 1,519 $0.70 69 1989
Change -14.29% 3.86% 1.20% 1.51% 2.32% -13.04% -1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
LS 2007 172 $1,890 $1,700 2,262 $0.84 60 1995
2006 141 $1,779 $1,795 2,130 $0.84 49 1993
Change 21.99% 6.24% -5.29% 6.20% 0.04% 22.45% 2
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
MA 2007 79 $1,112 $1,000 1,829 $0.61 52 2004
2006 74 $1,034 $995 1,824 $0.57 83 2003
Change 6.76% 7.54% 0.50% 0.27% 7.25% -37.35% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
N 2007 101 $1,232 $1,195 1,744 $0.71 46 1991
2006 110 $1,201 $1,195 1,783 $0.67 47 1990
Change -8.18% 2.58% 0.00% -2.19% 4.88% -2.13% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
NE 2007 122 $1,182 $1,195 1,881 $0.63 52 1998
2006 121 $1,143 $1,150 1,807 $0.63 59 1997
Change 0.83% 3.41% 3.91% 4.10% -0.66% -11.86% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
NW 2007 124 $1,331 $1,250 1,960 $0.68 44 1987
2006 149 $1,318 $1,200 1,985 $0.66 47 1987
Change -16.78% 0.99% 4.17% -1.26% 2.27% -6.38% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
PF 2007 368 $1,203 $1,195 1,992 $0.60 49 2001
2006 385 $1,135 $1,100 1,917 $0.59 63 2000
Change -4.42% 5.99% 8.64% 3.91% 2.00% -22.22% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
RN 2007 84 $2,146 $2,000 2,616 $0.82 70 2000
2006 63 $2,194 $2,000 2,724 $0.81 57 2000
Change 33.33% -2.19% 0.00% -3.96% 1.85% 22.81% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
RRE 2007 518 $1,191 $1,150 1,990 $0.60 48 2000
2006 524 $1,139 $1,095 1,994 $0.57 59 2000
Change -1.15% 4.57% 5.02% -0.20% 4.78% -18.64% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
RRW 2007 223 $1,339 $1,295 2,121 $0.63 50 1996
2006 226 $1,260 $1,242 2,074 $0.61 48 1995
Change -1.33% 6.27% 4.27% 2.27% 3.91% 4.17% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
SC 2007 24 $1,197 $1,195 2,102 $0.57 36 2003
2006 31 $1,232 $1,095 2,119 $0.58 51 2000
Change -22.58% -2.84% 9.13% -0.80% -2.06% -29.41% 3
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
SE 2007 35 $1,036 $1,050 1,804 $0.57 57 1999
2006 46 $1,047 $1,050 1,837 $0.57 81 2002
Change -23.91% -1.05% 0.00% -1.80% 0.76% -29.63% -3
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
SWE 2007 149 $1,355 $1,300 1,906 $0.71 34 2001
2006 146 $1,279 $1,242 1,887 $0.68 46 2000
Change 2.05% 5.94% 4.67% 1.01% 4.89% -26.09% 1
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
SWW 2007 113 $1,693 $1,625 2,272 $0.75 34 1995
2006 139 $1,662 $1,625 2,336 $0.71 51 1995
Change -18.71% 1.87% 0.00% -2.74% 4.73% -33.33% 0
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
UT 2007 20 $2,072 $1,850 1,614 $1.28 38 1944
2006 33 $1,771 $1,500 1,493 $1.19 50 1941
Change -39.39% 17.00% 23.33% 8.10% 8.22% -24.00% 3
MLS Area Year # Rent Avg Rent Med Rent Avg SQFT Avg PSF Avg Days Year Blt
W 2007 51 $1,968 $1,850 2,274 $0.87 51 1992
2006 35 $1,855 $1,750 2,213 $0.84 43 1989
Change 45.71% 6.09% 5.71% 2.76% 3.25% 18.60% 3

MLS Map Austin

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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