Denver Metro and Nationwide Single Family Home Rental Rates Continue To Climb While Statewide Rates Remain Flat, Real Property Management Colorado and RentRange Reveal
Rental Market Leaders Release Q2 Report on Rental and Vacancy Rates as Well as By County and Per Bedroom Data
Real Property Management Colorado, 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 and nationwide single family rent rates in Q2 continuing to rise while statewide rent rates remained flat year-over-year.
During the second quarter of 2019, the companies found that the average monthly rent for single-family homes in the Denver area was $2,227, representing a 3.11% year-over-year increase from Q2 of 2018. Across the state, average monthly rent remained flat at $1,780 versus $1,773 a year ago and a seasonally expected bump from $1,684 last quarter. And, nationally, single family home rent rates were $1,527 which is up from $1,470 a year ago and $1,414 last quarter. This rental market data is limited to three-bedroom single-family homes.
“The rental market here in Denver continues its rise although at a more modest pace than we have seen in years past” said Greg Bacheller, Co-Owner of Real Property Management Colorado. “Investors continue to enjoy the benefits of rent rate increases and historically low vacancy rates which are only adding on to already healthy investment returns.”
In addition, Real Property Management Colorado is reporting average rents across all properties surveyed in the following counties: Broomfield County $2,345, Douglas County $2,121, Boulder County $1,897, Jefferson County $1,815, Weld County $1,869, Arapahoe County $1,724, Larimer County $1,561, Adams County $1,715, Denver County $1,652, and El Paso County $1,606. Beyond that, Real Property Management Colorado is also reporting average rent per number of bedrooms across all properties surveyed: 6-bedroom $2,793, 5-bedroom $2,437, 4-bedroom $2,164, 3-bedroom $1,926, 2-bedroom $1,522, and 1-bedroom $1,056.
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 2.99%, which is up slightly from 2.85% last year. Vacancy rates statewide were relatively flat at 2.40% versus 2.38% a year ago. National vacancy rates were also flat at 5.59%.
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.