New Honolulu Housing Statistics Show Rent Rates Rise 7.2 Percent
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.
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 offices provide full-service residential property management for thousands of investors and rental home owners from more than 270 independently owned and operated locations 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 rentrange.com.
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Kawika K. Burgess, RA
President & Chief Executive Officer
Real Property Management Alliance
P 808.445.9500 | F 808.445.9418