Austin Rental Market Update – thru Oct 2007

The Austin Rental Market keeps chugging along. Not much new to say for the stats report this month as the steady climb in rents continues. Average rental rate is up 5.7% from a year ago, to $1354 (though down from last month due to our seasonal shift). But remember, average rents in Austin are still not yet back to the year 2000 rates. Stats are below. I did a breakout this month by city just to include something new. As usual, questions and comments are welcome. Sales stats will be coming next.

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

 

Sep 2007

Oct 2007

Oct 2006

Yr % Change
# Leased
570
571
645
-12%
Avg List Price
$1368
$1354
$1281
5.7%
Median List Price
$1207
$1250
$1150
8.7%
Avg Leased Price
$1354
$1337
$1267
5.5%
Med Leased Price
$1200
$1245
$1150
8.0%
Avg Size SQFT
1837
1927
1882
2.4%
Median SQFT
1734
1829
1784
2.5%
Avg $ per SQFT
$0.74
$0.69
$0.67
3.0%
Avg Days on Mkt
43
40
52
-23%
Median Days on Mkt
31
32
44
-27%


Below is a previous month and Year-to-Date comparison.

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

 
Jan-Oct 2006
Jan-Oct 2007
Yr % Change
# Leased
6973
6732
-3.5%
Avg List Price
$1272
$1345
5.7%
Median List Price
$1150
$1200
4.3%
Avg Leased Price
$1261
$1345
6.7%
Med Leased Price
$1150
$1200
4.4%
Avg Size SQFT
1847
1878
1.7%
Median SQFT
1750
1780
1.7%
Avg $ per SQFT
$0.68
$0.72
5.9%
Avg Days on Mkt
51
48
-5.9%
Median Days on Mkt
42
35
-16%

Below is a breakout of Year-to-Date leasing activity by Austin area Cities.

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
All 2007 6732 $1,345 $1,200 1,878 $0.72 48 1997

2006 6973 $1,261 $1,150 1,847 $0.68 51 1992

Change -3.46% 6.66% 4.35% 1.68% 4.90% -5.88% 5

City YTD-Apr # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Austin 2007 3219 $1,469 $1,295 1,799 $0.82 42 1983

2006 3453 $1,370 $1,200 1,764 $0.78 47 1983

Change -6.78% 7.23% 7.92% 1.98% 5.14% -11% 0

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Round Rock 2007 1028 $1,234 $1,195 2,002 $0.62 47 1999

2006 1082 $1,162 $1,100 1,996 $0.58 55 1999

Change -4.99% 6.20% 8.64% 0.30% 5.88% -15% 0

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Cedar Park 2007 399 $1,319 $1,250 2,087 $0.63 47 1998

2006 410 $1,210 $1,150 2,043 $0.59 51 1997

Change -2.68% 9.01% 8.70% 2.15% 6.71% -8% 1

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Leander 2007 319 $1,145 $1,100 1,868 $0.61 44 2002

2006 342 $1,076 $1,035 1,894 $0.57 52 2001

Change -6.73% 6.41% 6.28% -1.37% 7.89% -15.38% 1

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Buda 2007 51 $1,250 $1,250 2,104 $0.59 41 2001

2006 40 $1,189 $1,162 1,868 $0.64 42 1999

Change 27.50% 5.13% 7.57% 12.63% -6.66% -2.38% 2

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Kyle 2007 346 $1,113 $1,100 1,825 $0.61 44 2004

2006 321 $1,065 $1,050 1,810 $0.59 54 2004

Change 7.79% 4.51% 4.76% 0.83% 3.65% -18.52% 0

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Dripping 2007 20 $1,419 $1,175 1,906 $0.74 52 1989
Springs 2006 31 $1,376 $1,200 1,873 $0.73 53 1990

Change -35.48% 3.13% -2.08% 1.76% 1.34% -1.89% -1

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Elgin 2007 45 $1,020 $996 1,850 $0.55 61 2001

2006 23 $1,020 $995 1,824 $0.56 73 2002

Change 95.65% 0.00% 0.10% 1.43% -1.41% -16.44% -1

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Hutto 2007 236 $1,068 $1,050 1,894 $0.56 52 2004

2006 207 $1,030 $995 1,891 $0.54 64 2004

Change 14.01% 3.69% 5.53% 0.16% 3.53% -18.75% 0

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Lakeway 2007 63 $2,004 $1,700 2,439 $0.82 69 1991

2006 70 $1,857 $1,800 2,318 $0.80 50 1991

Change -10.00% 7.92% -5.56% 5.22% 2.56% 38.00% 0

City Year # Leased Avg Leased Med Leased Avg SQFT Avg PSF Avg Days Year Blt
Pflugerville 2007 428 $1,243 $1,195 1,991 $0.62 45 2001

2006 466 $1,142 $1,150 1,923 $0.59 63 2000

Change -8.15% 8.84% 3.91% 3.54% 5.13% -28.57% 1

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.

Click Here to Leave a Comment Below

Observer - 9 years ago

Cedar Park numbers look true. Can the price increase be considered as an ofset for the higher property taxes 07 vs 06 though ?

Reply
Steve - 9 years ago

> Cedar Park numbers look true. Can the price increase be considered as an ofset for the higher property taxes 07 vs 06 though ?

I’m not sure I understand the question. Do you mean, is the rent increase washed out by higher property taxes that the owner now pays?

Steve

Reply
Observer - 9 years ago

Yes, that was my question. Most of the rental houses are located in the older neighborhoods and their appraisal value was lagging behind the true market value. I think the owners of those properties were hit with the property tax increase. Am I wrong?

Reply
Steve - 9 years ago

> I think the owners of those properties were hit with the property tax increase. Am I wrong?

Well, I’m not sure. I own to rental homes in Leander in the tax value finally went up this year from $135K to $145K, which is about right for that neighborhood. It had stayed flat for the previous 6 years. So, in this example, my taxes won’t really change (I haven’t done the math) or might even go down, but the rent values will be up a bit, but still not to where they were in 2001. In 2001, the homes rented for $1350. Today, they rent for $1050 and I could probably get $1100 if my tenants moved out.

Steve

Reply
Leave a Reply: