SALT LAKE CITY - July 16, 2015 - (BUSINESS WIRE) - Real Property Management, the nation’s leading property management organization, and RentRange, the nation’s leading provider of Rental Market Intelligence™, released their quarterly rental statistics, which show rental rates are rising more rapidly than U.S. inflation rates.
During the second quarter of 2015, the companies found that the average monthly rent for single-family homes now exceeds $1,320, up 3.3 percent since just last quarter and representing a 6.1 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 double digit increases in rental rates, with 11.8 percent and 11 percent year-over-year increases, respectively. The Mid-Atlantic and South-Atlantic regions showed the lowest increases with 3.1 percent and 5.2 percent increases, though the Mid-Atlantic has rental rates well above the national average, at $1,642.
Rental Rates and Year-over-Year Increases of 10 U.S. Regions through the Second Quarter 2015
|REGION||Median 3 BR rent ($)||Y-o-Y Change in 3BR rent|
“The changes in the rental market are consistent with other reports that point to a dwindling number of Americans who are choosing to own homes,” said Don Lawby, President of Property Management Business Solutions, the franchisor of Real Property Management. “We have already witnessed significant increases in rental rates through the first half of this year, and we expect those numbers to continue to climb during the second half.”
Rent increases have been accompanied by reductions in vacancy rates – the percentage of homes considered unoccupied across the U.S. The national rate fell to 5.46 percent through June, down .12 percent from a year ago. The Midwest region had the highest vacancy rate at 6.88 percent, while Texas was the lowest at 3.43 percent.
The report also analyzed rental saturation rate across the country, showing that it continues to climb and is now at 25.4 percent, compared to 23.9 percent last year. Rental saturation is the estimated percentage of rented single-family homes as a share of all single-family homes.
View the national “Rental Housing Statistics” graphic at the following link: http://www.realpropertymgt.com/about-us-contact-us/newsroom/rental-rates-up-6-1-percent-over-last-year.
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