Home rents rise sharply

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Real Property Management Des Moines Select and RentRange reports that the average rent for single-family homes in Des Moines in the second quarter was up 21.2 percent over the the previous year, at $1,228.

 

Nationally, home rental rates now exceed $1,320, up 3.3 percent since just last quarter and representing a 6.1 percent year-over-year increase. The rental market data were limited to three-bedroom single-family homes in the U.S.

 

“Rental rates are up in the Des Moines area, and we expect this trend to continue through the next quarter,” said Joe Schafbuch, a Des Moines franchisee of Real Property Management. “Americans are increasingly shifting toward renting, which is one of the more supportive claims behind the Des Moines rising rental rates.”

 

The report also examined vacancy rates in Des Moines — the percentage of homes considered unoccupied — through the end of the first quarter. The Des Moines rate fell to 2.22 percent, down 0.10 percentage point year-over-year. The national rate fell slightly to 5.46 percent through June, down 0.12 percentage point from a year ago.