Single-Family Home Rents Hit New High!

Denver Property Management, Industry News

Real Property Management recently partnered with RentRange to pull a report on rising rents for single-family homes. The report also landed an article in the Denver Post!

Here’s the scoop:

Apartment rents in metro Denver might be on a tear, but single-family homes rents are rising even faster, according to a report from Real Property Management Colorado and RentRange.

The average monthly rent on a single-family home with three bedrooms in metro Denver reached $1,998, a 13.9% increase from the third quarter of 2014 and up 6.7% from the second quarter.

By contrast, the comparable average rent nationally is $1,363, up 5.7% from a year ago.

“Rental rates continued to climb to new records in the Denver area once again this past quarter. However, we are starting to see signs of the rental market slowing, in particular the higher-end market,” Greg Bacheller, co-owner of Real Property Management Colorado, said in a statement.

Bacheller said homes that rent for more than $2,000 a month are taking longer to rent and discounts are being offered as landlords push to get vacant properties filled ahead of the slower winter months.

The vacancy rate was 2.83 % in the third quarter, down slightly from a 3.22% vacancy rate last year. Nationally, the single-family rental vacancy rate was 5.31%, down from 5.55% a year earlier.