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.
|
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.
|
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.
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 | |
