New Sacramento Housing Statistics Show Rental Rates again up by 3.6 Percent
Sacramento rental home rates continue to rise according to Real Property Management SAC-METRO, (www.rpmsacmetro.com ), 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 Sacramento was $1521/month, representing a 3.6 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 insure comparability across markets.
“Considering the population growth in the region, both actual and projected, we expect rental prices will continue to rise, though new construction will likely dampen the rate of increase over time as builders ramp up production,” said Stewart Guthrie, a Sacramento franchisee in the Real Property Management franchise system.
Sacramento vacancy rates, the percentage of homes considered unoccupied, fell to 4.23 percent through the first quarter. This represents a .31 percent decrease since 2015. Nationally, the rate fell to 5.31 percent, a slight decrease from the 5.68% rate in March 2015. Rental demand is growing despite rising rents.
The report also analyzed the saturation rate in Sacramento. This is the estimated percentage of rented single-family homes as a share of all single-family homes. Results showed that in the Sacramento area, 26.71 percent of single-family homes are rented, a year-over year decrease of .41 percent. Nationally, rentals now represent 25.33 percent of three bedroom single family homes compared to a 23.84 percent rate a year ago.
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.