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Austin Rental Market Update - Jan 2007

By Steve Crossland

Real Estate Agent with Crossland Real Estate

February 07, 2007 05:24 AM

The Austin Rental market keeps chugging along, not burning up any records, but a slow march back toward the better rental rates Austin landlords once enjoyed. Below are the rental stats for January 2007. Since we're at the start of the year, I'm not doing a Year-to-Day, as obviously that would just be January anyway, but I've included the 2005/2006 full year comparisons further below, from my year-end Austin Rental Market Summary summary last month. Also below is the Austin rental rate trend graph from 1999 through 2006.

Austin Leasing Stats Jan 2007
Previous Month and Year Comparison
All MLS Areas - Houses Only
	Dec 2006	Jan 2007	Jan 2006	Yr % Change
# Leased	538	594	579	2.6%
Avg List Price	$1248	$1239	$1182	4.8%
Median List Price	$1150	$1150	$1100	4.5%
Avg Leased Price	$1238	$1235	$1173	5.3%
Med Leased Price	$1150	$1145	$1100	4.1%
Avg Size SQFT	1864	1876	1785	5.1%
Median SQFT	1747	1771	1719	3.1%
Avg $ per SQFT	$0.65	$0.66	$0.66	0%
Avg Days on Mkt	60	61	47	30%
Median Days on Mkt	51	50	51	2%

Below is the 2005/2006 full year comparison.

Austin Leasing 2005/ 2006 Comparison
All MLS Areas - Houses Only
	All 2006	All 2005	Yr % Change
# Leased	8042	5949	35%
Avg List Price	$1268	$1249	1.4%
Median List Price	$1150	$1150	0
Avg Leased Price	$1256	$1237	1.4%
Med Leased Price	$1150	$1150	0
Avg Size SQFT	1850	1806	2.4%
Median SQFT	1750	1701	2.9%
Avg $ per SQFT	$0.68	$0.68	0
Avg Days on Mkt	54	60	-10%
Median Days on Mkt	43	48	-10%

Below is the 1999 through 2006 rental trend graph for Austin TX.
Austin Rental Market

Below is the 2005/2006 Rental Market breakdown by Austin MLS Area.

Austin Leasing Stats - Year 2006 Final
by MLS Areas- Houses Only
MLS Area	# of Homes Leased			Avg $ Amt Leased			Avg SQFT	Avg $ Per SQFT	Avg Days	Avg Yr Built
2005	2006	%Chg	2005	2006	%Chg
Area 1A	34	26	-24%	$2045	$2101	3%	2225	$0.94	36	1978
Area 1B	198	193	-3%	$1676	$1847	10%	1593	$1.16	44	1947
Area 1N	174	191	10%	$1261	$1370	9%	1831	$0.75	42	1983
Area 2	128	146	14%	$1052	$1152	9%	1222	$0.94	38	1957
Area 2N	117	133	14%	$1015	$1063	5%	1446	$0.74	56	1975
Area 3	137	169	23%	$1095	$1123	3%	1389	$0.81	51	1962
Area 3E	26	61	135%	$976	$1067	9%	1448	$0.74	67	1994
Area 4	132	161	22%	$1422	$1556	9%	1395	$1.12	52	1955
Area 5	83	147	77%	$994	$1011	2%	1215	$0.83	58	1968
Area 5E	40	70	75%	$1030	$1008	-2%	1674	$0.60	70	2002
Area 6	71	104	46%	$1359	$1390	2%	1266	$1.10	39	1954
Area 7	37	28	-24%	$1455	$1572	8%	1439	$1.09	37	1957
Area 8E	41	40	-2%	$2456	$2631	7%	2412	$1.09	39	1978
Area 8W	89	93	4%	$2124	$2155	1%	2494	$0.86	41	1990
Area 9	26	20	-23%	$1140	$1114	-2%	1371	$0.81	41	1977
Area 10	447	588	32%	$1086	$1144	5%	1530	$0.75	43	1986
Area 11	89	129	45%	$985	$994	1%	1449	$0.69	58	1989
Area BA	75	74	-1%	$991	$982	-1%	1641	$0.60	40	1986
Area BL	-	-	-	-	-	-	-	-	-	-
Area BU	2	4	100%	$1042	$1097	5%	1589	$0.69	35	1985
Area BW	11	16	45%	$965	$971	1%	1572	$0.62	61	1987
Area CC	4	5	25%	$986	$895	-9%	1294	$0.69	29	1987
Area CL	738	975	32%	$1130	$1173	4%	1994	$0.59	53	2000
Area EL	13	19	46%	$914	$1025	12%	1890	$0.54	73	2001
Area FC	-	-	-	-	-	-	-	-	-	-
Area GP	-	-	-	-	-	-	-	-	-	-
Area GT	118	165	40%	$1150	$1181	3%	1855	$0.64	52	1995
Area HD	40	86	115%	$1483	$1675	13%	2243	$0.75	59	1999
Area HH	301	419	39%	$1077	$1078	0%	1816	$0.59	53	2003
Area HS	21	8	-62%	$1058	$1114	5%	1769	$0.63	92	2002
Area HU	177	273	54%	$1064	$1030	-3%	1884	$0.55	68	2004
Area HW	28	33	18%	$1124	$1236	10%	1741	$0.71	73	?
Area JA	2	3	50%	$1000	$1383	38%	1604	$0.86	58	2004
Area LC	-	-	-	-	-	-	-	-	-	-
Area LH	2	4	100%	$1047	$1400	34%	1928	$0.73	23	1983
Area LL	-	-	-	-	-	-	-	-	-	-
Area LN	55	81	47%	$1261	$1244	-1%	1683	$0.74	62	1987
Area LS	170	193	14%	$1672	$1767	6%	2157	$0.82	54	1993
Area MA	100	139	39%	$1117	$1041	-7%	1822	$0.57	80	2004
Area MC	-	-	-	-	-	-	-	-	-	-
Area N	161	172	7%	$1162	$1185	2%	1736	$0.68	48	1990
Area NE	100	199	99%	$1060	$1134	7%	1799	$0.63	57	1997
Area NW	241	259	7%	$1211	$1276	5%	1916	$0.67	49	1986
Area PF	455	648	42%	$1197	$1144	-4%	1936	$0.59	62	2000
Area RN	53	113	113%	$2312	$2310	0%	2876	$0.80	53	2001
Area RR	775	1244	61%	$1176	$1186	1%	2024	$0.59	58	1999
Area SC	20	50	150%	$1258	$1186	-6%	2022	$0.59	55	2000
Area SE	33	64	94%	$1040	$1057	2%	1875	$0.56	70	2002
Area SV	6	6	0%	$1083	$940	-13%	1560	$0.60	53	1976
Area SW	311	415	33%	$1470	$1480	1%	2139	$0.69	46	1995
Area TC	9	16	78%	$837	$816	-3%	1447	$0.56	61	1975
Area W	56	67	20%	$1651	$1754	6%	2150	$0.82	58	1989
Area WE	-	-	-	-	-	-	-	-	-	-
Area WW	-	-	-	-	-	-	-	-	-	-

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Dee Copeland

Copeland Group Realty - Austin, TX

Principal Broker

Hey Steve,

I've been slowly raising rents since last year. It's definitely easier to find tenants as long as the property is in good condition and priced right. We're still kind of a strange market in that we have high appreciation in sales, but leases aren't really raising that much.

Feb 07, 2007 11:45 AM

Steve Crossland

Crossland Real Estate - Austin, TX

Austin TX Real Estate

Hi Dee,

Yes, it's just a matter of investors slowing down so demand can catch up with supply. We certainly have enough renters now with the Austin economy running on all 8. But the investors keep coming in and creating more supply.

Steve

Feb 07, 2007 01:01 PM

Austin Rental Market Update - Jan 2007

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