As part of the nation’s leading property management franchise organization, Real Property Management Colorado teams up consistently with RentRange, the nation’s leading provider of Rental Market Intelligence™. Just last week, we released our quarterly “Rental Statistics Report,” which shows Denver Metro area, statewide, and nationwide Q4 rent rates for single family homes are all continuing to climb with year-over-year statewide rent rates increasing the most for.
Fourth Quarter Stats for 3 Bedroom, Single Family Homes
During the fourth quarter of 2017, we found that the average monthly rent for single-family homes in the Denver area was $2,043, representing a 4.11% year-over-year increase and a slight increase from $2,007 in Q3. Across the state, year-over-year rent increased 9.27%, the largest categorical gain measured in this report. That said, average rent decreased slightly from $1,859 in Q3 to $1,816 now which is a very typical seasonal pattern. And nationally, home rent rates ticked up 7.24% year-over-year but remained flat between Q3 and Q4. This rental market data is limited to three-bedroom single-family homes.
“It is very clear that the rental market continues to be alive and well here in Denver, statewide, and around the country! As home ownership rates continue to decline and the economy continues to thrive, demand for market-ready rental properties remains strong,” said Greg Bacheller, Co-Owner of Real Property Management Colorado. “Historically, we see a slight seasonal downturn in rent rates between Q3 and Q4 each year, but that was not the case here in the Denver area as we rounded out 2017.”
The report also examined vacancy rates, the percentage of homes considered unoccupied, through the end of the fourth quarter. The vacancy rate in the Denver Metro area was 2.84%, which is up slightly from 2.76% last year. Vacancy rates statewide dipped to 1.88%, down from 2.22% a year ago. National vacancy rates remained flat year-over-year at just over 5.4%.
How Many Single Family Homes Are Rentals?
Lastly, the report analyzed saturation rates, the estimated percentage of rented single-family homes as a share of all single-family homes. In the Denver Metro area, 15.88% of all single-family homes are rented, according to the data. That compares to 19.74% across the state and 25.51% nationally.
As leaders in the rental housing industry, Real Property Management Colorado, Real Property Management, and RentRange have an ongoing strategic business relationship. Real Property Management Colorado relies on RentRange’s proprietary rental housing data to provide its landlords with accurate, current information about local rental properties and rental markets.