Softening of Hawaii Rental Market Continues in 2018
Real Property Management & RentRange Release Report on Rental, Vacancy and Saturation Rates
HONOLULU – June 4, 2018 – Hawaii’s single family rental market continues to soften in 2018 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 average rent of a 3-bedroom home in Hawaii eased 4 percent year-over-year from $2642 in the first quarter of 2017 to $2529 in the first quarter of 2018. The data used rents on three-bedroom single-family homes only to insure comparability across markets.
“The amount that landlords can charge for long-term rentals in Hawaii has declined. Landlords need to ensure that the rent they are charging is competitive,” 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, increased slightly to 3.6 percent for the first quarter from 3.5 percent a year ago. Nationally, the rate remained unchanged at 5.3 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, 33.67 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.
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.
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