John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... Rental housing vacancies in the Denver area have fallen to a record low of 1.4 percent, according to a first-quarter state report released today.
Vacancies for rental condos, single-family homes, and other small properties across metro Denver fell from 3.1 percent in the first quarter of 2010, shows the report from the Colorado Division of Housing. The vacancy rate was 2 percent in the fourth quarter of 2010. The average number of days on the market for single-family rentals and similar properties fell from 45.1 days during the first quarter of 2010 to 29.7 days during the first quarter of 2011. The number of days on the market also fell from 2010’s fourth-quarter average of 38.2 days.
“Both the vacancy rate and the number of days on the market are at the lowest levels recorded since 2001,” said Ryan McMaken a spokesman for the Division of Housing. “There has been concern about the potential supply of unwanted and foreclosed single-family homes out there, but this data continues to suggest that there is a solid demand for single-family homes and condos that have been made available for rent.”
Along the Boulder/Broomfield corridor, the vacancy rate was zero. The vacancy rate was 1 percent in Jefferson County. Even the highest county wide vacancy rate, 1.9 percent in Adams County, is low by historical and industry standards. In Arapahoe County it was 1.8 percent; Denver, 1.3 percent; and Douglas, 1.1 percent.
Rents rising slowly
Average rents were largely flat across the metro area during the past year in spite of declining vacancies.
The average rent for single-family and similar properties rose year-over-year to $1,039 during 2011’s first quarter, rising 0.4 percent from 2010’s first-quarter rate of $1035. The first quarter’s average rent was up 0.6 percent from 2010’s fourth-quarter average rent of $1029. Average rents are not adjusted for inflation.
“Although the demand for units is very strong, it has been difficult for owners to push rents in many cases,” McMaken said. “This is partly due to the fact that new inventory continues to come in the form of foreclosed homes bought up by investors and via owners who opt to rent out their homes instead of selling them in the present market. Present trends point toward more solid rent increases in the future, however.”
Median rents for all counties were: Adams, $1104; Arapahoe, $1016; Boulder/Broomfield, $1535; Denver, $982; Douglas, $1386; and Jefferson, $993.
The Colorado Statewide Vacancy and Rent Study is released each quarter by the Colorado Division of Housing. The Report is available online at the Division of Housing economics site: www.divisionofhousing.com. The Colorado Vacancy and Rent Survey reports averages and, as a result, there are often differences in rental and vacancy rates by size, location, age of building, and apartment type.
Contact John Rebchook at JRCHOOK@gmail.com
why did the font family and size change from all other posts?
What scale are you using? for those of us who can barely make it $1100.00 and $950.00 is expensive for housing. We cannot all get on the housing list because it is so long you have to live under a bridge until your name comes up. These days the houses are built so shabby but they want to charge like you are renting a mansion.
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