Rental-home vacancy rates rose slightly to 1.6 percent in the first quarter from 1.4 percent a year ago, according to a state report released today.
The vacancy rate during the first quarter was the second-lowest vacancy rate recorded in any quarter since the survey by the Colorado Division of Housing was started in 2001. The first-quarter vacancy rate, however, was down from the fourth-quarter rate of 2.1 percent. The report tracks rental condos, townhomes, single-family homes and other small properties.
At the county level, the lowest vacancy rates were found in Douglas County and in Jefferson County where the vacancy rates were 1.3 percent and 1.0 percent, respectively.
The highest county-wide vacancy rate, found in Adams County, was 3.8 percent.
Vacancy rates for all counties surveyed were:
- Adams, 3.8 percent.
- Arapahoe, 1.9 percent.
- Denver, 1.7 percent.
- Douglas, 1.3 percent.
- Jefferson, 1.0 percent.
“With a vacancy rate below two percent, you’re essentially dealing with 100 percent occupancy,” said Ryan McMaken, a spokesman for the Colorado Division of Housing. “The vacancies we do see are due to little more than turnover, so this tells us that in most of the metro area, rental homes are filling up, and are doing so rather quickly.”
During 2012’s first quarter, the average number of days on the market for single-family rentals and similar properties was 28.7 days, which was the third-lowest average recorded since the survey was started in 2001. The number of days on the market during the first quarter was down from 29.7 days during 2011’s first quarter, and was also down from 2011’s fourth-quarter average of 38.9 days.
The average rent in metro Denver for single-family and similar properties rose to $1,056 during 2012’s first quarter, rising 1.6 percent from 2011’s first-quarter average rent of $1,039. This year’s first quarter’s average rent was down from 2011’s fourth-quarter average rent of $1,062. Average rents are not adjusted for inflation.
The average rent rose, year over year, in all county areas except in Arapahoe and Adams counties. Growth in the average rent was strongest in Jefferson County where the average rent grew 2.7 percent from 2011’s first quarter to 2012’s first quarter. The average rent fell the most in Arapahoe County where it was down 5.3 percent, year over year.
Average rents for all counties were:
- Adams, $1,046.
- Arapahoe, $1,003.
- Denver, $1,001.
- Douglas, $1,41.
- Jefferson, $1,020.
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