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.