New Housing Statistics for Sacramento Show Rent Rates Jump 10 Percent
Real Property Management SAC-METRO, a Sacramento Property Management company, and RentRange, the nation’s leading provider of Rental Market Intelligence™, have come together again to produce their quarterly report of rental rates for homes for rent in Sacramento, vacancy and saturation rates.
In their third quarter “Rental Statistics Report,” the companies found that the average monthly rent for single-family homes in Sacramento was $1,556 representing a 10.4% year-over-year increase. Nationally, home rental rates experienced a 5.7 percent increase since last year and the median now exceeds $1,360. The data used rents on three-bedroom single-family homes only to insure comparability across markets.
“The continued strength in the single family home sales market in Sacramento has maintained the upward pressure on prices in the single family rental market, especially during the peak, summer, selling season”, said Stewart Guthrie, owner of Real Property Management, SAC-METRO, “as long as the real estate sales market stays strong, more rental homes will be converted to owner-occupied and rents will continue trending upward. The transition from Summer to Fall will predictably dampen rental activity; but the fact remains that there is simply less single family rental inventory available.”