Average rents for single family homes in Austin jumped 10% in March 2007 over the same month a year ago, to $1301 per month. Median rent increased 8% to $1195, meaning half of all homes in Austin lease for more than $1195 and half for less. Average days on market for rental homes fell 18% from 62 days a year ago in March to 51 days this March. Median days on market fell 28% from 50 to 36 days, meaning half of all homes leased through the Austin MLS now rent in 36 days or less. The average price per square foot is up 4.5% from $0.66 to $0.69. The number of homes lease was down 3.6% from 653 leased in March of 2006 to 629 leased March 2007.
All together, this is very good news for Austin rental property owners and property managers. Rents seem to be continuing the long climb back to where they were before the tech bust and Austin’s 4 year rental market slide from 2002 through 2005. Last year, 2006 was the first year in 5 years that average rents for the year took an upward turn. It was a very slight upward turn (see graph below), but it marked the end of a rough 4 years of declining rent rates.
As we’ve completed 3 months of 2007 now, I have resumed the year-to-date breakout of rental data by MLS area. The other usual charts and graphs are below. As usual, be mindful of small sample sizes and the fact that when sample sizes in a particular area are small, the data may not reflect an accurate picture.
Feb 2007
|
Mar 2007
|
Mar 2006
|
Yr % Change
|
|
# Leased |
606
|
629
|
653
|
-3.6%
|
Avg List Price |
$1262
|
$1312
|
$1195
|
9.8%
|
Median List Price |
$1150
|
$1200
|
$1100
|
9%
|
Avg Leased Price |
$1250
|
$1301
|
$1182
|
10%
|
Med Leased Price |
$1150
|
$1195
|
$1100
|
8.6%
|
Avg Size SQFT |
1834
|
1883
|
1797
|
4.9%
|
Median SQFT |
1766
|
1776
|
1734
|
2.4%
|
Avg $ per SQFT |
$0.68
|
$0.69
|
$0.66
|
4.5%
|
Avg Days on Mkt |
61
|
51
|
62
|
-18%
|
Median Days on Mkt |
47
|
36
|
50
|
-28%
|
Below is the year-to-date summary of all rental in all areas through March 2007 compared to the year before.