“Mile High” Rental Rates is the Name of the Game When it Comes to the Colorado Housing Market
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“A new report from two Denver-area companies shows that the average rental rate for three-bedroom, single-family detached houses was $1,679 in the first quarter.
The report was compiled by Real Property Management Colorado, the Denver location of a national property management franchise, and RentRange, a Westminster rental analytics company.
The average first-quarter rent represented a 12 percent increase from the same period in 2014, the report said. Nationally, house rental rates rose 5.4 percent year-over-year to $1,286.
The increase in house rents is on-par with an uptick in apartment rents, which jumped 13 percent year-over-year in the first quarter, according to the latest data from the Apartment Association of Metro Denver.
“Rental rates in the Denver area continue to rise dramatically and we expect that trend to continue in the near future,” said Greg Bacheller, co-owner of Real Property Management Colorado. “There are many economic indicators supporting that viewpoint, not the least of which is America’s ongoing shift toward renting.”
Vacancy rates for three-bedroom houses fell to 3.3 percent from 3.4 percent a year ago, according to the report, which also showed that 16.9 percent of single-family homes in the metro area are rented.
The national rate rose to 5.7 percent from 5.6 percent a year ago.
“Higher rents and the availability of detailed rental market data create unprecedented opportunities for investors to make good decisions,” said Wally Charnoff, CEO of RentRange. “Along with professional property management, such information reduces the risk of investing in a broader range of geographic areas.”
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