Real Property Management Colorado (www.303rent.com), part of the nation’s leading property management franchise organization, and RentRange, the nation’s leading provider of Rental Market Intelligence™, released their quarterly “Rental Statistics Report,” which shows Denver Metro area single family home rental rates in Q1 continuing to rise while statewide rent rates remained flat and nationwide rent rates declined year-over-year.
During the first quarter of 2019, the companies found that the average monthly rent for single-family homes in the Denver area was $2,106, representing a 5.61% year-over-year increase from Q1 of 2018. Across the state, average monthly rent remained flat at $1,684 versus $1,679 a year ago and $1,646 last quarter. And, nationally, single family home rental rates were $1,414 which is down slightly from a $1,471 a year ago and $1,443 last quarter. This rental market data is limited to three-bedroom single-family homes.
“With rental rates across the Denver Metro area continuing to rise, landlords are now embarking upon six plus years of continuous rent increases” said Greg Bacheller, Co-Owner of Real Property Management Colorado. “The market continues to smile favorably on landlords while posing on-going affordability and inventory challenges for renters. Demand continues to outstrip supply up and down the Front Range and with that, rents continue to climb.”
In addition, Real Property Management Colorado is reporting average rents across all properties surveyed in the following counties:
Broomfield County $2,121
Douglas County $2,108
Boulder County $1,851
Jefferson County $1,834
Weld County $1,777
Arapahoe County $1,715
Larimer County $1,632
Adams County $1,706
Denver County $1,597
El Paso County $1,548
Beyond that, Real Property Management Colorado is also reporting average rent per number of bedrooms across all properties surveyed:
The report also examined vacancy rates, the percentage of homes considered unoccupied, through the end of the first quarter. The vacancy rate in the Denver Metro area was 3.09%, which is up slightly from 2.92% last year. Vacancy rates statewide were relatively flat at 2.44% versus 2.41% a year ago. National vacancy rates were also flat at 5.61%.
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.
Real Property Management Colorado
Real Property Management Colorado is the leading residential property management company servicing the Denver and Colorado Springs marketplaces. The company leases and manages residential property for individual owners, investors and financial institutions. The company specializes in single-family homes, townhomes, lofts, condos, multi-plexes and small apartment buildings. In the last 12 months, Real Property Management Colorado has leased over 1,000 homes. For more information about Real Property Management Colorado, please contact Greg Bacheller at (303) 888-8826 or visit www.303rent.com.
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 25 years of industry expertise, Real Property Management franchises provide full-service residential property management for thousands of investors and rental home owners from more than 260 independently owned and operated offices throughout the United States and Canada. For more information about Real Property Management, property management services or franchising opportunities, visit http://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. For more information please visit rentrange.com.