Denver Metro Single Family Home Rental Rates Continue To Rise Slightly While Statewide and Nationwide Rates Retract Some, Real Property Management Colorado and RentRange Reveal
Rental Market Leaders Release Q3 Report on Rental, Vacancy and Saturation Rates
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 rent rates in Q3 continuing to rise slightly while statewide and nationwide rent rates retracted some year-over-year.
During the third quarter of 2018, the companies found that the average monthly rent for single-family homes in the Denver area was $2,124, representing a slight year-over-year increase from $2,106 in Q3 of 2017. Across the state, average monthly rent was $1,775 which is down slightly from $1,814 a year ago and $1,805 last quarter. And nationally, home rent rates were $1,483 which is also down from $1,521 a year ago, a decrease of 2.49%. This rental market data is limited to three-bedroom single-family homes.
“Rental rates across the Denver Metro area continue to rise although the gains are more modest than we’ve seen in some time,” said Greg Bacheller, Co-Owner of Real Property Management Colorado. “Demand continues to remain solid across the market although there are distinct pockets throughout the Denver metro area where supply exceeds demand and prices are softening.”
In addition, Real Property Management Colorado is reporting average rents across all properties surveyed in the following counties: Douglas County $2,107, Broomfield County $1,974, Boulder County $1,963, Weld County $1,794, Jefferson County $1,718, Arapahoe County $1,636, Adams County $1,625, Larimer County $1,607, Denver County $1,570, and El Paso County $1,405. Beyond that, Real Property Management Colorado is also reporting average rent per number of bedrooms across all properties surveyed: 6-bedroom $2,884, 5-bedroom $2,461, 4-bedroom $2,170, 3-bedroom $1,820, 2-bedroom $1,439, and 1-bedroom $1,097.
The report also examined vacancy rates, the percentage of homes considered unoccupied, through the end of the second quarter. The vacancy rate in the Denver Metro area was 2.87%, which is up slightly from 2.72% last year. Vacancy rates statewide also bumped up to 3.10% from 1.82% a year ago. These vacancy rates continue to remain at historic lows. National vacancy rates remained relatively flat year-over-year at 5.29%.
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, 20.32% of all single-family homes are rented, according to the data. That compares to 28.37% across the state and 24.81% 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.
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 www.rentrange.com.