Austin Rental Market Update – November 2007

The Austin rental market for November in Austin continues the strong climb in prices. The average rental rate of $1386/mo. is a 12% increase over the same month last year. The median leased price is $1200, up 4.3% from a year ago. The number of homes leased dropped 13% from 588 a year ago to 510 in November 2007. Days on market for leased homes have dropped dramatically (a good thing), from an average days on market of 46 in Nov 2006 to an average of 35 this November. Median days on market dropped 31% from 35 days last Nov to 24 days Nov 2007. Avergae price per square foot for rental homes in Austin is up to $0.71 psf from $0.68 psf last year.

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

 

Oct 2007

Nov 2007

Nov 2006

Yr % Change
# Leased
571
510
588
-13%
Avg List Price
$1354
$1402
$1249
12%
Median List Price
$1250
$1225
$1150
6.5%
Avg Leased Price
$1337
$1386
$1239
12%
Med Leased Price
$1245
$1200
$1150
4.3%
Avg Size SQFT
1927
1964
1865
5.3%
Median SQFT
1829
1829
1750
4.5%
Avg $ per SQFT
$0.69
$0.71
$0.66
7.6%
Avg Days on Mkt
40
34
46
-26%
Median Days on Mkt
32
24
35
-31%

Year to date stats are below. They are again missing the Median values because our lousy new MLS software won’t let me produce a report with median values if more than 5,000 results are included.

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

 
Jan-Nov 2006
Jan-Nov 2007
Yr % Change
# Leased
7558
7263
4%
Avg List Price
$1271
$1350
6.2%
Median List Price
Avg Leased Price
$1259
$1345
6.8%
Med Leased Price
Avg Size SQFT
1848
1884
1.9%
Median SQFT
Avg $ per SQFT
$0.68
$0.71
4.4%
Avg Days on Mkt
44
35
-26%
Median Days on Mkt

Posted by Steve
8 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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