The number of single family homes that leased in May 2006 increased by 44% from May of last year and homes in Austin are leasing faster than a year ago. But the rental rates are still treading water. Were it not for all of the additional housing supply being created by investors, rental rates would have started a strong climb by now. Investment sales continue to be strong. Most of our investor buyers are purchasing in the $200K to $300K price range in the South and West areas of Austin, but we’ve also recently sold homes in Steiner Ranch near Lake Travis and and Tera Vista in Round Rock. The areas in which sales are very strong are also areas in which the rental market is doing very well.
I have several charts and graphs listed below. By next month will try to start doing the same stats for sales, and also lining up sales and leasing stats by area to see how the sales/rent value ratios look across different areas and price ranges.
May 2005
|
May 2006
|
% Change
|
|
# Leased |
494
|
710
|
+ 44%
|
Avg List Price |
$1287
|
$1287
|
0%
|
Median List Price |
$1192
|
$1195
|
+ 0.2%
|
Avg Leased Price |
$1271
|
$1278
|
+ 0.5%
|
Med Leased Price |
$1150
|
$1155
|
+0.4%
|
Avg Size SQFT |
1791
|
1834
|
+ 2.4%
|
Median SQFT |
1685
|
1761
|
+ 4.5%
|
Avg $ per SQFT |
$0.71
|
$0.67
|
– 5.6%
|
Avg Days on Mkt |
57
|
54
|
– 5.2%
|
Median Days on Mkt |
52
|
44
|
– 15%
|
Below I’ve broken down the May stats into different categories, including taking a look at leasing values based on year built. The older homes rent for more per square foot than newer ones, but that is a reflection of both the smaller square footage amounts and the fact that the older a home is the more likely it is to be located in the more desireable and expensive Central Austin neighborhoods.
MLS Area or City
|
# Leased
|
Avg $
Leased |
Avg
SQFT |
AVG $ Per SQFT |
Avg
Days |
Austin |
364
|
$1394
|
1755
|
$0.79
|
49
|
Round Rock |
98
|
$1157
|
1923
|
$0.60
|
64
|
Cedar Park/Leander |
87
|
$1185
|
2008
|
$0.59
|
49
|
Hutto/Manor/Elgin |
29
|
$1036
|
1929
|
$0.54
|
53
|
Kyle/Buda |
44
|
$1066
|
1772
|
$0.60
|
60
|
Dripping Springs |
3
|
$1348
|
1383
|
$0.97
|
53
|
Lakeway |
6
|
$1857
|
2481
|
$0.75
|
58
|
Pflugerville |
41
|
$1132
|
1890
|
$0.60
|
54
|
Westlake/Eanes |
11
|
$2593
|
2346
|
$1.11
|
34
|
Georgetown |
17
|
$1205
|
1909
|
$0.63
|
49
|
Austin Locations BY MLS Area – Houses Only – May 2006 | |||||
E. C. Austin (Area 3,5) |
31
|
$1063
|
1286
|
$0.83
|
69
|
S. Central Austin (6,7) |
18
|
$1339
|
1238
|
$1.08
|
45
|
South Austin (Area 10) |
43
|
$1140
|
1567
|
$0.73
|
47
|
SW Austin (Area SW) |
40
|
$1540
|
2205
|
$0.70
|
58
|
West Austin (W) |
5
|
$1689
|
2261
|
$0.75
|
49
|
Central Austin (1B,4) |
37
|
$1599
|
1264
|
$1.27
|
34
|
NW Hills Austin (1A) |
2
|
$2875
|
2481
|
$0.86
|
44
|
River North (RN) |
13
|
$2027
|
2646
|
$0.77
|
71
|
Lake North (LN) |
8
|
$1295
|
2033
|
$0.64
|
93
|
Area 1N (NW Austin) |
17
|
$1530
|
1880
|
$0.81
|
42
|
Area NW (NW Austin) |
32
|
$1295
|
1921
|
$0.67
|
47
|
N. Central Austin (2) |
18
|
$1101
|
1134
|
$0.97
|
31
|
North Austin (2N, N) |
29
|
$1163
|
1684
|
$0.66
|
48
|
Nrth East Austin (NE) |
18
|
$1174
|
1740
|
$0.67
|
52
|
E. Austin (3E, 5E) |
11
|
$1028
|
1561
|
$0.66
|
59
|
SE Austin (9, 11, SE) |
12
|
$1111
|
1783
|
$0.62
|
71
|
Austin Leases by Year Built – All MLS Areas – Houses Only – May 2006 |
|||||
2000 or Newer |
345
|
$1287
|
1992
|
$0.65
|
56
|
1990 to 1999 |
133
|
$1333
|
2093
|
$0.64
|
56
|
1980 to 1989 |
87
|
$1174
|
1618
|
$0.73
|
54
|
1970 to 1979 |
41
|
$1262
|
1593
|
$0.79
|
41
|
1960 to 1969 |
31
|
$1162
|
1442
|
$0.81
|
65
|
1950 to 1959 |
32
|
$1216
|
1214
|
$1.00
|
36
|
1940 to 1949 |
19
|
$1246
|
1074
|
$1.16
|
44
|
1930 to 1939 |
12
|
$1495
|
1186
|
$1.26
|
52
|
1920 to 1929 |
5
|
$1239
|
1090
|
$1.14
|
57
|
1910 to 1919 |
2
|
$1450
|
1425
|
$1.02
|
35
|
1900 to 1909 |
3
|
$2066
|
1573
|
$1.31
|
11
|
Built before 1900 |
0
|
0
|
0
|
0
|
0
|
Thanks for the info. We may relocating to Austin, and are considering the southern part of town. We’ll rent for 6mos-1yr, before buying. This is very helpful!