Real Property Management & RentRange Release Report on Rental, Vacancy and Saturation Rates
HONOLULU – April 14, 2016 – Honolulu rental home rates are continuing to rise, according to Real Property Management Alliance, part of the nation’s leading property management franchise organization, and RentRange, the nation’s leading provider of Rental Market Intelligence™.
The quarterly “Rental Statistics Report” found that the average monthly rent for single-family homes in Honolulu was $2,691, representing a 7.28 percent year-over-year increase. Through the first quarter of 2016, the companies found that home rental rates increased nationally from $1,305 a year ago to $1,373 – a 5.2 percent increase. The data used rents on three-bedroom single-family homes only to ensure comparability across markets.
“Although the rate of increase year to year has slowed from last quarter, the overall trend of higher average rents in Honolulu has continued into the 1st quarter of 2016,” said Kawika Burgess, President and CEO of Real Property Management Alliance a Honolulu franchisee of the Real Property Management franchise system.
Statewide vacancy rates, the percentage of homes considered unoccupied, decreased to 3.61 percent in the first quarter. This represents a .03 point drop from a year ago. Nationally, the rate fell to 5.31 percent, a slight decrease from the 5.63 percent vacancy rate at the beginning of 2015.
The report also analyzed the saturation rate in Hawaii. This is the estimated percentage of rented single-family homes as a share of all single-family homes. Results showed that in Hawaii, 35.39 percent of single-family homes are rented.
As leaders in the rental housing industry, the Real Property Management franchise and RentRange have an ongoing strategic business relationship. Real Property Management offices rely on RentRange’s proprietary rental housing data to provide landlord customers with accurate, current information about local rental properties and rental markets.