Real Property Management & RentRange Release Report on Rental, Vacancy and Saturation Rates
HONOLULU – January 17, 2016 – Honolulu rental home rates are continuing to rise, 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 a 14.8 percent year-over-year increase. Through the fourth quarter of 2015, the companies found that home rental rates increased nationally from $1,312 in a year ago to $1,353 – a 3.1 percent. The data used rents on three-bedroom single-family homes only to ensure comparability across markets.
“Although there have been recent events that will have some impact on Hawaii’s overall rental market such as the decrease in the military’s housing allowance and the shut-down of HC&S on Maui, low unemployment, a limited housing supply, and an overall positive economic health forecast for the year will likely continue to push Honolulu rental prices upward,” said Kawika Burgess, President and CEO of Real Property Management Alliance a Honolulu franchisee of the Real Property Management franchise system.
Statewide vacancy rates, the percentage of homes considered unoccupied, rose to 3.53 percent through the fourth quarter. This represents a .03 point increase since 2014. Nationally, the rate fell to 5.12 percent, a slight decrease from the 5.57% rate at the end of 2014.
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, 34.14 percent of single-family homes are rented.
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.