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How much will your Southern Maryland property rent for? Find out FREE here!

How much will your Southern Maryland property rent for? Find out FREE here!

Southern Maryland Rental Rates Rise Over 3% Since Last Quarter

Rental Rates Growth Continues to Outpace Inflation

The Real Property Management system and RentRange, the nation’s leading provider of Rental Market Intelligence™, released their quarterly rental statistics, which show rental rates are rising more rapidly than the U.S. inflation rates.

During the second quarter of 2015, the companies found that the average monthly rent for single-family homes now exceeds $1,320, up 3.3 percent since just last quarter and representing a 6.1 percent year-over-year increase. In comparison, the consumer price index grew by .2%.  The rental market data was limited to three-bedroom single-family homes in the U.S.

Rental rates were up in all 10 regions analyzed. The Pacific and Northeast regions saw double digit increases in rental rates, with 11.8 percent and 11 percent year-over-year increases, respectively. The Mid-Atlantic, (which contains Southern Maryland Charles County, Calvert County and St.Marys County) and South-Atlantic regions showed the lowest increases with 3.1 percent and 5.2 percent increases, though the Mid-Atlantic has rental rates well above the national average, at $1,642.

 

Rental Rates and Year-over-Year Increases of 10 U.S. Regions through the Second Quarter 2015

 

REGION Median 3 BR rent ($) Y-o-Y Change in 3BR rent
Pacific 1579 11.8%
Northeast 1763 11.0%
Southwest 996 5.8%
Southeast 985 7.1%
Texas 1294 8.9%
California 1956 5.7%
Mountain 1245 5.8%
Midwest 1023 5.3%
South-Atlantic 1257 5.2%
Mid-Atlantic 1642 3.1%

 

Rent increases have been accompanied by reductions in vacancy rates – the percentage of homes considered unoccupied across the U.S. The national rate fell to 5.46 percent through June, down .12 percent from a year ago. The Midwest region had the highest vacancy rate at 6.88 percent, while Texas was the lowest at 3.43 percent.

The report also analyzed rental saturation rate across the country, showing that it continues to climb and is now at 25.4 percent, compared to 23.9 percent last year. Rental saturation is the estimated percentage of rented single-family homes as a share of all single-family homes.

As leaders in the rental housing industry, Real Property Management and RentRange have an ongoing strategic business relationship. Real Property Management relies on RentRange’s proprietary rental housing data to provide its landlord customers with accurate, current information about local rental properties and rental markets.

Click the Infographic to Enlarge

rental rates 2nd quearter real property management

 

About 

Chanda Gunter is the Social Media Marketing Manager for Real Property Management Franchise Support Center in Salt Lake City, UT. She joined the RPM family in January of 2014 and originally hails from Dallas, TX. Chanda has worked with countless business owners by consulting and hosting training seminars and workshops on using social media effectively and successfully. Connect with her on Twitter @realpropertymgt