2015 has proven to be an exciting time for the rental market, and Specialized Property Management Dallas is proud to be a part of this industry. Together with RentRange, we compiled our quarterly rental statistics, and the results show the national rent rate is rising quicker than the US inflation rate.
Dallas Property Management Breaks Down the Numbers
In the 2nd quarter alone, the average rent rate on a three bedroom home rose over 3% nationwide, which equates to a 6.1% year-over-year increase. In comparison, the consumer price index saw a minor .2% in growth. We analyzed ten rental market regions across the US, and found that each market experienced a year-over-year increase of anywhere from 3.1-11.8%.
Increases in Rent Lead to Decreases in Vacancy, Increase in Saturation
Surprisingly, though each market has experienced an overall increase in rent rates, they have also experienced a decrease in vacancy rates. Vacancy rates are calculated by finding the percentage of homes unoccupied throughout the US. The national average for vacancies was 5.46% in June, which is a .12% decrease from the same time in 2014. Texas has the lowest vacancy rates in the nation, with just 3.43%.
Our analysts also found the national rental saturation rate climbed from 23.9% in 2014, to 25.4% in 2015. Rental saturation rates represent an estimated percentage of single family homes as a share of all single family homes throughout the nation.
Growing Rental Market Created Larger Need for Property Management in Dallas
Dallas-Fort Worth is one of the hottest rental markets in the nation. As the leader in property management in Dallas, Fort Worth, Arlington and the surrounding Metroplex cities, we offer a comprehensive spectrum of services to cover every need a rental property owner may have. Whether you are new to Dallas property management, or a seasoned professional, Specialized Property Management can assist you.