FOR IMMEDIATE RELEASE
Honolulu Rental Housing Rents Increase Slightly
Real Property Management & RentRange Release Report on Rental, Vacancy and Saturation Rates
HONOLULU – December 11, 2017 – The rate of increase for Honolulu rental home rates continues to raise, but at a slower rate than in previous years 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 $2,675, representing just a 3 percent year-over-year increase. A year ago, Honolulu rents were up 3.5 percent over the previous year. Through the third quarter of 2017, the companies found that home rental rates increased 2.7 percent nationally to $1,473. The data used rents on three-bedroom single-family homes only to insure comparability across markets.
“Although the average rents for a 3-bedroom home in Honolulu continue to rise, we continue to see 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 up to 2.79 percent for the third quarter from 2.4 percent a year ago. Nationally, the rate also increased slightly to 5.2 percent.
The report also analyzed the saturation rate in Honolulu. This is the estimated percentage of rented single-family homes as a share of all single-family homes. Results showed that in Hawaii, 26.29 percent of single-family homes are rented. Nationally, rentals represent 24.5 percent of three-bedroom single family homes which is down 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.
About Real Property Management
Real Property Management is a franchise organization owned by Property Management Business Solutions, LLC, a privately held corporation based in Utah. With over 30 years of industry expertise, Real Property Management offices provide full-service residential property management for thousands of investors and rental home owners from more than 280 independently owned and operated locations throughout the United States and Canada. For more information about Real Property Management, property management services or franchising opportunities, visit https://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. The company is owned by Altisource Portfolio Solutions S.A. For more information please visit rentrange.com or altisource.com.
# # #