This is the steepest year-over-year rent increase I’ve seen in Sacramento property management. The data only confirms what we’ve seen on the ground in recent months.
Sacramento, CA (PRWEB) June 08, 2017
Sacramento property management company Real Property Management SAC-METRO today released their regular “Rental Statistics Report” on the Sacramento rental market in partnership with RentRange. Rental rates are increasing around the area at a higher rate than ever before, as vacancy rates in Sacramento decrease. Indicators show this trend will not be slowing down anytime soon.
The report identified the average monthly rent for three-bedroom single-family homes in the Sacramento area as $1658. This is an increase of 9% from the previous year, a greater increase than anywhere else in the nation. Nationally, there was only a 2% year-over-year increase, up to $1,379.
“This is the steepest year-over-year increase I’ve seen,” reports Stewart Guthrie, President of Real Property Management SAC-METRO, “The data only confirms what we’ve seen on the ground in recent months. Rents have been consistently rising in the single-family home market. Owners of single family units are cashing out, taking advantage of the hot real estate sales market.”
Additionally, out of all the single-family homes in the Sacramento region, only 25.58% of are available to rent, down almost 1% from last year. Nationally, rentals comprise 24% of three-bedroom single family homes.
Guthrie also reports vacancy rates falling slightly in rental property management. Sacramento’s booming market has resulted in tenants not looking to move anytime soon. According to the RentRange data, Sacramento vacancy rates dropped to 4.12%, an .11% decrease since the same time last year compared to the 4.9% national vacancy rate. Guthrie says this vacancy rate will impact the overall housing available to renters.
“Most single family unit buyers right now are owner-occupiers instead of investors, reducing available inventory. We project that the rental rates in the area will continue to rise as single family inventory shrinks. New construction may offset this, but it is unclear how quickly it can impact this trend.”
Real Property Management and RentRange have an ongoing strategic business relationship to share proprietary rental housing data in order to provide landlord customers and the public with accurate, current information about local rental properties and rental markets. Real Property Management SAC-METRO provides full-service residential property management for Sacramento area real estate investors and rental home owners, see Rent916.com. RentRange is the nation’s leading provider of Rental Market Intelligence™ to the financial services and real estate industries, see rentrange.com.