Where Did Rental Rates Land at the End of 2018?

Denver Property Management, Industry News

Denver Metro Single Family Home Rental Rates Continue To Rise, Statewide Rates Retract, and Nationwide Rates Are Flat, Real Property Management Colorado and RentRange Reveal

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 single family rent rates in Q4 continuing to rise while statewide rent rates retracted and nationwide rent rates were flat year-over-year.

During the fourth quarter of 2018, the companies found that the average monthly rent for single-family homes in the Denver area was $2,094, representing a 2.49% year-over-year increase from Q4 of 2017. Across the state, average monthly rent dropped to $1,646 which is down from $1,736 a year ago and $1,775 in Q3.  And nationally, single family home rent rates were $1,443 which is flat from a year ago and a slight decrease from Q3. 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 reflective of a market continuing to move toward equilibrium,” said Greg Bacheller, Co-Owner of Real Property Management Colorado.  “Net population growth into the Denver area continues to fuel the demand for an already tight rental housing market.  As such, vacancy rates remain at historic lows and prices continue to rise.”

In addition, Real Property Management Colorado is reporting average rents across all properties surveyed in the following counties: Broomfield County $2,189, Douglas County $2,087, Boulder County $1,789, Jefferson County $1,750, Weld County $1,667, Arapahoe County $1,655, Larimer County $1,634, Adams County $1,622, Denver County $1,599, and El Paso County $1,454.  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 $2,349, 4-bedroom $2,173, 3-bedroom $1,844, 2-bedroom $1,469, and 1-bedroom $1,044.

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 3.04%, which is up slightly from 2.84% last year. Vacancy rates statewide bumped up significantly to 5.58% from 2.53% a year ago and 3.05% in Q3.  National vacancy rates also bumped up year-over-year to 6.02% from 5.64%.

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 us at 303-873-RENT (7368).

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/.

About RentRange

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.