Sioux Falls Property Management Company Predicts Rising Rental Rates
Rental Statistics Report Studies Rent, Vacancy and Saturation Rates
SIOUX FALLS, SD- Real Property Management teamed up with the leading provider of Rental Market Intelligence, RentRange, to produce a rental statistics report detailing how national rental markets are changing on a yearly basis in regards to rental, vacancy and saturation rates. The report studied the first quarter of 2015 compared to the first quarter of 2014, and limited its findings to market information on a 3 bedroom home. The following findings were revealed:
- All ten of the major US regions have experienced rising rental rates, but the biggest rise happened in the Pacific and Northeast regions.
- The nationwide average for a 3 bedroom rental home is $1,286 which represents a 5.4% increase from 2014
- On average, the the national vacancy rates (unoccupied rental homes) rose slightly to 5.7% with Texas having the lowest vacancy rates (3.6%), and the Midwest having the highest (7.2%)
- As of January 2015, 23.4% of single family homes nationwide are occupied by renters, This number represents the saturation rate discussed in the report.
“Rental rates are up throughout the country, and we expect that to continue for the near future,” reported Don Lawby, President of Property Management Business Solutions. “There are a lot of economic indicators supporting that viewpoint, not the least of which is America’s continual shift towards renting.”
“Higher rents and the availability of detailed rental market data create unprecedented opportunities for investors to make good decisions,” explains Wally Charnoff, CEO of RentRange. “This information paired with professional property management reduces the risk of investing in a broader range of geographical locations.”
RentRange is the leading provider of Rental Market Intelligence™ which contains information on market rental data, analytics and rental solutions. By supplying potential investors with rental market data needed to make an informed decision, RentRange helps to reduce the risk of investing.
As a leading Sioux Falls property management company, Real Property Management Express encourages investors to be smart about their rental properties. While rising rent rates are a benefit for the investor, analyzing market data so that rates do not scare off potential renters is a delicate balance. By choosing a Sioux Falls property management company to assist you in running your rental property, you can rest assured that rent rates will be competitive for the market the property is located in, vacancy rates will be reduced and both renters and property owners will be satisfied with the services provided. For more information on retaining a professional Sioux Falls property manager, visit expressrpm.com.