John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... The overall vacancy rate in Denver-area rental homes rose in the second quarter 5.2 percent from 4.2 percent in the second quarter 2008, a 23.8 percent jump, according to a survey sponsored by the Colorado Division of Housing.
That is the highest vacancy rate since the fourth quarter of 2006, when it stood at 5.5 percent. That year, the second quarter vacancy rate was 7.1 percent, 26.8 percent higher than in the second quarter of this year.
Rental rates, however, are up slightly in the second quarter, from a year earlier. The survey, by University of Colorado business professor Gordon Von Stroh, covers homes with one to four units and includes single-family houses, condominiums, townhomes, duplexes, triplexes, and four-plexes.
The overall vacancy rate in the first-quarter was was 3.6 percent, 44.4 percent lower than in the second quarter. However, that is a smaller percentage quarter-to-quarter percentage change in 2008, when it increased 55.5 percent to 4.2 percent in second quarter 2008 from 2.7 percent in the first quarter of last year.
Vacancy rates for the respective counties were: Adams, 8.3 percent; Arapahoe, 4.4 percent; Boulder/Broomfield, 5.9 percent; Denver, 5.2 percent; Douglas, 3.5 percent; and Jefferson, 5.3 percent.
Vacancy rates by number of bedrooms were: One bedroom, 2.9 percent; two bedroom, 5.5 percent; three bedroom, 5.3 percent; four bedroom, 5.9 percent; and five bedroom, 5.9 percent.
The vacancy rates by age of housing unit were: 1949 and before, 4.0 percent; 1950-59, 6.3 percent; 1960-69, 7.3 percent; 1970-79, 4.8 percent; 1980-89, 4.5 percent, 1990-99, 4.6 percent, and 2000 up, 4.5 percent.
For those units that were vacant, the average days on the market was 54.7 days, up from 53.8 days in the first quarter of 2009, and 43.4 days in the second quarter of 2008.
Average monthly rents increased to $1,016.35 for the second quarter of 2009, up from $1004.44 for the first quarter of 2009, and from $993.61 for the second quarter of 2008.
Average rents for the respective counties were: Adams, $1,046.89; Arapahoe, $995.11; Boulder/Broomfield, $1,550.79; Denver, $940.96; Douglas, $1,386.62; and Jefferson, $978.55.
Average rents by number of bedrooms were: One bedroom, $689.20; two bedrooms, $864.88; three bedrooms, $1,155.26; four bedrooms; $1,341.87; and five bedrooms, $1,416.99.
Average rents by age of housing units were: 1949 and before, $906.81; 1950-59, $942.79; 1960-69, $926.11; 1970-79, $984.86; 1980-89, $933.01; 1990-99, $1262.87, and 2000 up, $1,321.91.
The median metro area rent was $950.00, and for Adams, $1,095.00; Arapahoe, $950.00; Boulder/Broomfield, $1,395.00; Denver, $895.00; Douglas, $1,390.00; and Jefferson, $895.00.
Average rents per square foot for housing units with above grade living space were 81 cents, up from the first quarter of 2009 of 80 cents. The average rent per square foot was 78 cents in the second quarter of 2008.
For this quarter, the survey included 2,726 housing units in the metro Denver area.
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Source: Gordon Von Stroh
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[...] vacancy in the Denver area had risen to 5.2 percent, the highest rate since 2006. (See my previous blog for more details and a table listing historical vacancy [...]