Real Property Management & RentRange Release Report on Rental, Vacancy and Saturation Rates
HONOLULU – April 27, 2017 – The rate of increase for Honolulu rental home rates continues to slow compared to a year ago, according to Real Property Management Alliance, part of the nation’s leading property management franchise organization, and RentRange, the nation’s leading provider of Rental Market Intelligence™.
The quarterly “Rental Statistics Report” found that the average monthly rent for single-family homes in Honolulu was $2,723, representing just a 1.2 percent year-over-year increase. A year ago, Honolulu rents were up 7.2 percent over the previous year. Through the first quarter of 2017, the companies found that home rental rates increased 2.0 percent nationally to $1,379. The data used rents on three-bedroom single-family homes only to insure comparability across markets.
“Although average rents continue to rise, we are experiencing a slight easing of the residential rental market.” said Michael Arashiro, General Manager of Real Property Management Alliance, a Honolulu franchisee of the Real Property Management franchise system.
Hawaii vacancy rates, the percentage of homes considered unoccupied, inched down to 3.02 percent for the first quarter. Nationally, the rate stayed consistent at 4.9 percent.
The report also analyzed the saturation rate in Hawaii. This is the estimated percentage of rented single-family homes as a share of all single-family homes. Results showed that in Hawaii, 30.04.95 percent of single-family homes are rented. Nationally, rentals represent 24 percent of three-bedroom single family homes which is up slightly from a year ago.
As leaders in the rental housing industry, the Real Property Management franchise and RentRange have an ongoing strategic business relationship. Real Property Management offices rely on RentRange’s proprietary rental housing data to provide landlord customers with accurate, current information about local rental properties and rental markets.