For 2007, the Austin Rental Market continued to see gains in average and median rental rates for single family homes. But we still lag behind the rental rates landlords enjoyed 6 and 7 years earlier, if you can believe that. The graph below shows where we were in 1999 through 2007. You can see the huge 4-year plunge rental rates took from 2001 until we started back up in 2006 and 2007.
The average rental rate for a single family home in Austin during 2007 was $1344 per month, up 7% from $1256 in 2006. The average sized rental home was 1883 square feet. The median rental rate for 2007 was $1200, up 4.3% from $1150 in 2006. The average rental price per square foot was up 4.4% to $0.71 in 2007. Average days on market improved to 45 days from 54 days in 2006. And median days on market fell to 33 days in 2007 from 43 days in 2006.
All said, another good year heading in the right direction for Austin landlords. See the graph below.
Below is a chart breaking down the 2007/2006 metrics.
I’m still having a lot of trouble extracting stats from our MLS system following the switch to new MLS software, which is why I’m so behind, and why I don’t have breakdowns by MLS Area. It’s really frustrating not being able to run stats the way I have for the past 2+ years. Especially knowing from my web traffic that the stats are among the most read blog articles. Nevertheless, I’m posting what I have and hoping that the bugs will be ironed out of our MLS software soon. As usual, feel free to post questions or comments about the leasing market.
|
All 2007
|
All 2006
|
Yr % Change
|
|
| # Leased |
7119
|
8042
|
-11%
|
| Avg List Price |
$1349
|
$1268
|
6.4%
|
| Median List Price |
$1200
|
$1150
|
4.3%
|
| Avg Leased Price |
$1344
|
$1256
|
7.0%
|
| Med Leased Price |
$1200
|
$1150
|
4.3%
|
| Avg Size SQFT |
1883
|
1850
|
1.8%
|
| Median SQFT |
1780
|
1750
|
1.7%
|
| Avg $ per SQFT |
$0.71
|
$0.68
|
4.4%
|
| Avg Days on Mkt |
45
|
54
|
-17%
|
| Median Days on Mkt |
33
|
43
|
-23%
|
Do you have similar stats for surrounding areas?
I have a dozen propoerties in Georgetown that are all leased and rates were bumped up a modestly across the board as the lease expired. Just curious.
I suspect the trend of price appreciation and rent increase will trend upwards in the future 5 years. I enjoy viewing your blog. I look at it every week. Keep it up.
Hi Steve-thanks for the rental info. I was sure hoping you had the Feb sales report ready for viewing-
thanks
Great statistics data to have for home buyers in Austin looking to create rental properties. Thanks for posting it. I think it helps put the market into perspective well for the buyer.
So how about the market now with sales slowing. Are more people choosing to rent and has that driven rents up? I don’t follow that market, but would be interested to see the trends after the mortgage mess.
Mr. Chapman,
The lease market was getting stronger even prior to the mortgage mess.
There is always an upside to changes in any market and the rental market is the benefit of the mortgage mess. People who cannot now buy are continuing to rent, good news for our customers!
> I was sure hoping you had the Feb sales report ready for viewing
Fe stats are up, and area breakdowns also.
Steve