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Austin Rental Market Update – Oct 2009

The rental market for houses in Austin is still slowly improving, climbing out of the huge dip we took after the tech bust and 9/11. For October 2009, average and median rents are both up about 1%, but homes are taking longer to rent, averaging 42 days on market compared to 38 a year ago in October.

This is a macro view though. In talking with other property managers in Austin, it’s not uncommon for some homes to be renting for the same or less than a year earlier, while others can do a bit better. It’s really a function of the number of competing homes and the location of the property. It took 45 days for me to rent a central Austin home in 78704 recently and we had to take $50/mo. less than a year earlier. Had I accepted large dogs and/or poor credit, it would have rented right away, so rental criteria is also a determining factor in how long it takes and the amount attainable.

October stats are listed in the chart below.

Austin Real Estate Rental Market Update October 2009
Houses only (condos, duplexes, etc. not included) compiled from Austin MLS data

Sep 2009 Oct 2009 Oct 2008 Yr % Change
# Rented 665 660 684 -3.51%
Avg List $1,437 $1,421 $1,401 1.43%
Med List $1,250 $1,250 $1,250 0.00%
Avg Rent $1,419 $1,402 $1,388 1.01%
Med Rent $1,250 $1,250 $1,240 0.81%
Rent/List % 98.75% 98.66% 99.07% -0.41%
Avg SQFT 1970 1951 1882 3.67%
Med SQFT 1808 1800 1739 3.51%
Avg $ SQFT $0.72 $0.72 $0.74 -2.56%
Avg DOM 40 42 38 10.53%
Median DOM 32 34 29 17.24%
# Expired 56 55 83 -33.73%
# Withdrawn 148 114 180 -36.67%
Not Rented 204 169 263 -35.74%
Not Rented % 23.48% 20.39% 27.77% -26.59%


Let’s have a look at 2009 year to date through October, compared to the same period in 2008.

Read more …

Posted by Steve
7 years ago