The average rental price in Austin is up 7.6% from May of last year to $1377. The Median rental rate is up 3% to $1175/mo. Days on Market is down 27% and number of homes leased is down 15%. In short, our Austin rental market for single family homes continues to chug along very well, with rents steadily rising. The drop in number of homes leased is, according to property managers I know, largely due to more renters renewing their lease instead of moving or buying a home.
When talking with investors about the Austin Rental Market, and putting into context where we are now compared to where we’ve been, I’ll often say something like “Austin’s average rental rates are still below the 1999 average”. As of April and May, rental rates are above the $1306 mark set in 1999. (see chart below). If we end the year with an average rental rate above $1306/mo., I’ll have to start saying “since 2000” instead of 1999. It’s about time.
I don’t have the MLS area breakdowns this month as I’m swamped and don’t have the time to do those. But I’ll have a mid-year breakdown next month.
Apr 2007
|
May 2007
|
May 2006
|
Yr % Change
|
|
# Leased |
554
|
650
|
749
|
-15%
|
Avg List Price |
$1320
|
$1384
|
$1287
|
7.5%
|
Median List Price |
$1195
|
$1250
|
$1195
|
4.6%
|
Avg Leased Price |
$1310
|
$1377
|
$1279
|
7.6%
|
Med Leased Price |
$1195
|
$1210
|
$1175
|
3.0%
|
Avg Size SQFT |
1882
|
1910
|
1836
|
4.0%
|
Median SQFT |
1784
|
1817
|
1766
|
2.9%
|
Avg $ per SQFT |
$0.70
|
$0.72
|
$0.70
|
2.9%
|
Avg Days on Mkt |
48
|
40
|
55
|
-27%
|
Median Days on Mkt |
36
|
36
|
45
|
-20%
|
Below is the Year to Date comparisons for Jan-May 2006/2007. Austin single family homes only.
Jan-May 2006
|
Jan-May 2007
|
Yr % Change
|
|
# Leased |
3256
|
3151
|
-3.2%
|
Avg List Price |
$1230
|
$1304
|
6.0%
|
Median List Price |
$1125
|
$1195
|
6.2%
|
Avg Leased Price |
$1219
|
$1296
|
6.3%
|
Med Leased Price |
$1100
|
$1195
|
8.6%
|
Avg Size SQFT |
1819
|
1877
|
3.2%
|
Median SQFT |
1746
|
1786
|
2.3%
|
Avg $ per SQFT |
$0.67
|
$0.69
|
3.0%
|
Avg Days on Mkt |
56
|
52
|
-7.1%
|
Median Days on Mkt |
48
|
29
|
-66%
|
Steve,
I agree with your assertion that more residents are renewing their leases than this time last year. That is definitely the trend we are seeing in our office. The market is finally pulling out of its long down turn, much to the delight of our clients. However, we still see the fringe areas struggling.
How are the summer months looking? Has June data been published?
Still working on rental stats for mid-year. Sales stats are up as of this morning for June and YTD.
http://crosslandteam.com/blog/2007/07/25/austin-real-estate-market-sales-stats-june-2007-update/