Real Property Management & RentRange Release Report on Rental, Vacancy and Saturation Rates
HONOLULU – October 26, 2016 – Honolulu rental home rates are rising but at a slower rate than 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 $2,776, representing a 3.5 percent year-over-year increase. Through the third quarter of 2016, the companies found that home rental rates increased nationally from $1,393 a year ago to $1,459 – a 4.8% percent increase. The data used rents on three-bedroom single-family homes only to insure comparability across markets.
“Last year, third quarter rents were up 7.9 percent from the previous year. So we are seeing 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, remained at 3.09 percent through the third quarter. This remains the same as last year at this time. Nationally, the rate stayed almost flat at 5.2 percent, a slight decrease from the 5.3% rate in the third quarter of 2015.
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, 31.73 percent of single-family homes are rented. Nationally, rentals represent 25.3 percent of three-bedroom single family homes which is the same as 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.