The Austin Rental Market keeps chugging along. Not much new to say for the stats report this month as the steady climb in rents continues. Average rental rate is up 5.7% from a year ago, to $1354 (though down from last month due to our seasonal shift). But remember, average rents in Austin are still not yet back to the year 2000 rates. Stats are below. I did a breakout this month by city just to include something new. As usual, questions and comments are welcome. Sales stats will be coming next.
Sep 2007 |
Oct 2007 |
Oct 2006 |
Yr % Change
|
|
# Leased |
570
|
571
|
645
|
-12%
|
Avg List Price |
$1368
|
$1354
|
$1281
|
5.7%
|
Median List Price |
$1207
|
$1250
|
$1150
|
8.7%
|
Avg Leased Price |
$1354
|
$1337
|
$1267
|
5.5%
|
Med Leased Price |
$1200
|
$1245
|
$1150
|
8.0%
|
Avg Size SQFT |
1837
|
1927
|
1882
|
2.4%
|
Median SQFT |
1734
|
1829
|
1784
|
2.5%
|
Avg $ per SQFT |
$0.74
|
$0.69
|
$0.67
|
3.0%
|
Avg Days on Mkt |
43
|
40
|
52
|
-23%
|
Median Days on Mkt |
31
|
32
|
44
|
-27%
|
Below is a previous month and Year-to-Date comparison.
Jan-Oct 2006
|
Jan-Oct 2007
|
Yr % Change
|
|
# Leased |
6973
|
6732
|
-3.5%
|
Avg List Price |
$1272
|
$1345
|
5.7%
|
Median List Price |
$1150
|
$1200
|
4.3%
|
Avg Leased Price |
$1261
|
$1345
|
6.7%
|
Med Leased Price |
$1150
|
$1200
|
4.4%
|
Avg Size SQFT |
1847
|
1878
|
1.7%
|
Median SQFT |
1750
|
1780
|
1.7%
|
Avg $ per SQFT |
$0.68
|
$0.72
|
5.9%
|
Avg Days on Mkt |
51
|
48
|
-5.9%
|
Median Days on Mkt |
42
|
35
|
-16%
|
Below is a breakout of Year-to-Date leasing activity by Austin area Cities.
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
All | 2007 | 6732 | $1,345 | $1,200 | 1,878 | $0.72 | 48 | 1997 |
2006 | 6973 | $1,261 | $1,150 | 1,847 | $0.68 | 51 | 1992 | |
Change | -3.46% | 6.66% | 4.35% | 1.68% | 4.90% | -5.88% | 5 | |
City | YTD-Apr | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Austin | 2007 | 3219 | $1,469 | $1,295 | 1,799 | $0.82 | 42 | 1983 |
2006 | 3453 | $1,370 | $1,200 | 1,764 | $0.78 | 47 | 1983 | |
Change | -6.78% | 7.23% | 7.92% | 1.98% | 5.14% | -11% | 0 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Round Rock | 2007 | 1028 | $1,234 | $1,195 | 2,002 | $0.62 | 47 | 1999 |
2006 | 1082 | $1,162 | $1,100 | 1,996 | $0.58 | 55 | 1999 | |
Change | -4.99% | 6.20% | 8.64% | 0.30% | 5.88% | -15% | 0 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Cedar Park | 2007 | 399 | $1,319 | $1,250 | 2,087 | $0.63 | 47 | 1998 |
2006 | 410 | $1,210 | $1,150 | 2,043 | $0.59 | 51 | 1997 | |
Change | -2.68% | 9.01% | 8.70% | 2.15% | 6.71% | -8% | 1 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Leander | 2007 | 319 | $1,145 | $1,100 | 1,868 | $0.61 | 44 | 2002 |
2006 | 342 | $1,076 | $1,035 | 1,894 | $0.57 | 52 | 2001 | |
Change | -6.73% | 6.41% | 6.28% | -1.37% | 7.89% | -15.38% | 1 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Buda | 2007 | 51 | $1,250 | $1,250 | 2,104 | $0.59 | 41 | 2001 |
2006 | 40 | $1,189 | $1,162 | 1,868 | $0.64 | 42 | 1999 | |
Change | 27.50% | 5.13% | 7.57% | 12.63% | -6.66% | -2.38% | 2 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Kyle | 2007 | 346 | $1,113 | $1,100 | 1,825 | $0.61 | 44 | 2004 |
2006 | 321 | $1,065 | $1,050 | 1,810 | $0.59 | 54 | 2004 | |
Change | 7.79% | 4.51% | 4.76% | 0.83% | 3.65% | -18.52% | 0 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Dripping | 2007 | 20 | $1,419 | $1,175 | 1,906 | $0.74 | 52 | 1989 |
Springs | 2006 | 31 | $1,376 | $1,200 | 1,873 | $0.73 | 53 | 1990 |
Change | -35.48% | 3.13% | -2.08% | 1.76% | 1.34% | -1.89% | -1 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Elgin | 2007 | 45 | $1,020 | $996 | 1,850 | $0.55 | 61 | 2001 |
2006 | 23 | $1,020 | $995 | 1,824 | $0.56 | 73 | 2002 | |
Change | 95.65% | 0.00% | 0.10% | 1.43% | -1.41% | -16.44% | -1 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Hutto | 2007 | 236 | $1,068 | $1,050 | 1,894 | $0.56 | 52 | 2004 |
2006 | 207 | $1,030 | $995 | 1,891 | $0.54 | 64 | 2004 | |
Change | 14.01% | 3.69% | 5.53% | 0.16% | 3.53% | -18.75% | 0 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Lakeway | 2007 | 63 | $2,004 | $1,700 | 2,439 | $0.82 | 69 | 1991 |
2006 | 70 | $1,857 | $1,800 | 2,318 | $0.80 | 50 | 1991 | |
Change | -10.00% | 7.92% | -5.56% | 5.22% | 2.56% | 38.00% | 0 | |
City | Year | # Leased | Avg Leased | Med Leased | Avg SQFT | Avg PSF | Avg Days | Year Blt |
Pflugerville | 2007 | 428 | $1,243 | $1,195 | 1,991 | $0.62 | 45 | 2001 |
2006 | 466 | $1,142 | $1,150 | 1,923 | $0.59 | 63 | 2000 | |
Change | -8.15% | 8.84% | 3.91% | 3.54% | 5.13% | -28.57% | 1 |
Cedar Park numbers look true. Can the price increase be considered as an ofset for the higher property taxes 07 vs 06 though ?
> Cedar Park numbers look true. Can the price increase be considered as an ofset for the higher property taxes 07 vs 06 though ?
I’m not sure I understand the question. Do you mean, is the rent increase washed out by higher property taxes that the owner now pays?
Steve
Yes, that was my question. Most of the rental houses are located in the older neighborhoods and their appraisal value was lagging behind the true market value. I think the owners of those properties were hit with the property tax increase. Am I wrong?
> I think the owners of those properties were hit with the property tax increase. Am I wrong?
Well, I’m not sure. I own to rental homes in Leander in the tax value finally went up this year from $135K to $145K, which is about right for that neighborhood. It had stayed flat for the previous 6 years. So, in this example, my taxes won’t really change (I haven’t done the math) or might even go down, but the rent values will be up a bit, but still not to where they were in 2001. In 2001, the homes rented for $1350. Today, they rent for $1050 and I could probably get $1100 if my tenants moved out.
Steve