SALT LAKE CITY - (BUSINESS WIRE) - Real Property Management, the nation’s leading property management organization, and RentRange, the nation’s leading provider of Rental Market Intelligence™, together release rental statistics that show national rental home rates are rising.
Through the first quarter 2015, the companies reveal that the average monthly rent for single-family homes was $1,286, representing a 5.4 percent year-over-year increase. The rental market data was limited to three-bedroom single-family homes in the U.S.
Rental rates were up in all 10 regions analyzed. The Pacific and Northeast regions saw the largest upturns with 13 percent and 10.9 percent year-over-year increases, respectively. On the other end of the spectrum, the Mid-Atlantic and South-Atlantic regions had the lowest gains at 1.6 percent and 2.6 percent year-over-year increases, respectively.
Rental Rates and Year-over-Year Increases of 10 U.S. Regions through the First Quarter 2015
|REGION||Median 3 BR rent ($)||Y-o-Y Change in 3BR rent|
“Rental rates are up throughout the country and we expect that trend to continue in the near future,” said Don Lawby, President of Property Management Business Solutions, the franchisor of Real Property Management. “There are a lot of economic indicators supporting that viewpoint, not the least of which is America’s continual shift toward renting.”
Vacancy rates through the end of the first quarter, the percentage of homes considered unoccupied, were also examined. The national rate rose slightly to 5.7 percent, up .09 percent year-over-year. The Midwest region had the highest vacancy rate at 7.2 percent whereas Texas had the lowest at 3.6 percent.
Lastly, the report analyzed the saturation rate across the country. This is the estimated percentage of rented single-family homes as a share of all single-family homes. Nationwide, 23.4 percent of single-family homes are rented, according to the data.
“Higher rents and the availability of detailed rental market data create unprecedented opportunities for investors to make good decisions,” said Wally Charnoff, CEO of RentRange. “Along with professional property management, such information reduces the risk of investing in a broader range of geographic areas.”
View the national “Rental Housing Statistics” graphic at the following link: http://www.realpropertymgt.com/about-us-contact-us/newsroom/us-home-rent-rates-jump-5-percent.
As leaders in the rental housing industry, Real Property Management and RentRange have an ongoing strategic business relationship. Real Property Management relies on RentRange’s proprietary rental housing data to provide its landlord customers with accurate, current information about local rental properties and rental markets.
For more information, visit: www.realpropertymgt.com.
Real Property Management is a franchise organization owned by Property Management Business Solutions, LLC, a privately held corporation based in Utah. With over 25 years of industry expertise, Real Property Management provides full-service residential property management for thousands of investors and rental home owners from more than 260 independently owned and operated offices throughout the United States and Canada. For more information about Real Property Management, property management services or franchising opportunities, visit http://www.realpropertymgt.com/ or www.propertymanagementfranchise.com/.
RentRange is the nation’s leading provider of Rental Market Intelligence™ to the financial services and real estate industries. It delivers rental data and analytics as well as rent-based valuation solutions for single-family properties, with products that include on-demand automated rent valuation reports and subscription-based data available. RentRange clients include institutional investors in residential real estate; property managers and landlords; mortgage lenders; Wall Street firms and rating agencies. RentRange was founded in 2007 and is located in the greater Denver area. For more information please visit rentrange.com.
SOURCE Real Property Management