Increases in demand for rentals were uneven across the state, however, with year-over-year increases in vacancies being reported in Colorado Springs, Grand Junction and Greeley. The rising vacancies likely reflected muted job growth in those markets in March with unemployment rates above 9 percent in all three areas.

The vacancy rate in the Fort Collins-Loveland area, on the other hand, fell to 3.0 percent, year over year, as employment remained strong in the Ft. Collins-Loveland area, dropping to 6.7 percent in March 2012.

The metro Denver vacancy rate during 2011’s first quarter, released last month in a separate survey, fell year over year from 5.5 percent to 4.9 percent.

“The statewide decline in vacancies is being driven by high demand for rental housing in the metro Denver area and in the Fort Collins-Loveland area,” said Ron Throupe, a professor of real estate at the University of Denver’s Burns School of Real Estate and Construction Management, and the report’s author. “Not surprisingly, we also see some of the most solid rent growth in those same areas.”

Vacancy rates in all metropolitan areas were:

• Colorado Springs, 6.4 percent.
•  Fort. Collins-Loveland, 3.0 percent.
•  Grand Junction, 10.4 percent;.
• Greeley, 5.8 percent;.
• Pueblo, 5.9 percent.

The statewide average rent in Colorado increased 4.6 percent from 2011’s first quarter to 2012’s first quarter, rising from $873 to $914. Across the state, however, growth in average rents varied considerably. The average rent in the Greeley area, for example, increased 4.3 percent, year over year, while the average rent in Pueblo was flat at -0.01 percent. During the same period, the average rent in Colorado Springs increased 2.4 percent, and it fell 4.8 percent in Grand Junction, year over year.

The largest increase in the average rent was found in the Fort Collins-Loveland area where it rose 11.1 percent from the first quarter of 2011 to 2012’s first quarter.

Rent growth

“The trend in rents in clearly toward growth and we’re seeing rent growth even in areas with rising vacancy rates right now,” said Ryan McMaken spokesman with the Colorado Division of Housing. “This suggests that owners are optimistic about future demand even in areas where declines in the vacancy rates have stalled during the past quarter.”

Average rents in all metropolitan areas measured were:

• Colorado Springs; $754.
• Fort Collins-Loveland, $1001.
• Grand Junction, $625.
• Greeley, $688.
• Pueblo, $570.

The metro Denver average rent, measured in a separate survey, was $952 during the first quarter.

Have a real estate story idea or a real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews is sponsored by Universal Lending,  Land Title Guarantee, and 8z Real Estate.

Related Posts:

• Springs apartment vacancy rate at 10-year low
• 8z Rentals launched
• Rent growth highest in decade
• Apartment vacancies at 5.6%
• Rents rise in Springs

In April alone, foreclosure filings were up 7.3 percent from April 2011 to April 2012 while foreclosure auction sales fell 36.2 percent over the same period.

From March to April, foreclosure filings fell 10.8 percent while foreclosure auction sales rose 6.1 percent. Since 2008, March and April have tended to be two of the most active months for new foreclosure filings in Colorado, with totals in both filings and auction sales tending to drop off in May.

“March and April tend to be the high points for the year when it comes to foreclosure filings, but this year, those numbers were quite low compared to recent years,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “On top of that, every metro area in the state showed a declining trend in foreclosure auction sales, and this suggests that foreclosure prevention efforts in general are continuing to have an effect statewide.”

During the first four months of this year, the counties with the largest changes in foreclosure auction sales, year over year, were Douglas, Denver and Boulder counties where auction sales declined 40.7 percent, 38.1 percent and 38.1 percent, respectively. Auction sales dropped by only 5.4 percent in Pueblo county, and they grew by 29.6 percent in Broomfield County where 35 auction sales were reported. All other counties surveyed reported drops of 18 percent or more, compared to the first four months of this year with the same period last year.

New foreclosure filings, on the other hand, grew in several counties. New filings increased 22.6 percent percent in Mesa County from the first four months of last year to the same period this year, and they grew 5.7 percent in Pueblo county. Over the same period, filings activity also grew in Adams, Arapahoe, Jefferson and Larimer counties. Filings fell in all other counties.

“The overall trend is clearly down for now, but we’re still going to see some ups and downs,” McMaken said. “Some of the most notable and badly needed declines in foreclosure activity were seen in Weld County, although Mesa county out west is still dealing with some challenges.”

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Foreclosure auctions down 25%
• Colorado foreclosures down 15%
• Colorado No. 10 in foreclosures
• Foreclosures fall 27%
• Foreclosure hit 30-month low

The report by the Apartment Association of Metro Denver and the Colorado Division of Housing shows the first quarter’s year-over-year growth rate of 4.5 percent was the largest rate of growth reported during any quarter over the past 10 years. During the first quarter of this year, the average rent in metro Denver rose to $952 from last year’s first-quarter average rent of $911.

The average rent has not grown by more than 4.5 percent, year over year, since the third quarter of 2001 when it grew by 8.7 percent.

“Rents continue to increase as demand grows faster than the production of new units,” said Ron Throupe, professor of Real Estate at the Burns School of Real Estate and Construction Management at the University of Denver, and the report’s author. “Rents often tend to moderate a bit during the first quarter, but this year, the rent rose to an all-time high instead.”

The average rent rose in all counties measured, with the largest increases found in Denver County and in the Boulder/Broomfield area where the average rent grew year over year by 6.3 percent and 6.7 percent, respectively. The county areas with the highest average rents were Douglas County and the Boulder/Broomfield area where the average rents were $1,109 and $1,070, respectively. Jefferson County reported the lowest average rent at $897.

Rents rose as property owners responded to falling vacancy rates across the metro area.

The apartment vacancy rate in the Denver metro area fell to 4.9 percent in the first quarter of 2012, falling from 2011’s first quarter rate of 5.5 percent, and dropping to the second-lowest vacancy rate recorded in any quarter since 2001. The vacancy rate also fell from 2011’s fourth quarter rate of 5.4 percent. Since 2011, the vacancy rate in metro Denver was only lower during the second quarter of last year when it hit 4.8 percent.

For the past 10 quarters, the vacancy rate has fallen when compared to the same quarter one year earlier. The metro Denver vacancy rate has not risen year over year since the third quarter of 2009.

From the first quarter of 2011 to the same period this year, the vacancy rates dropped in all county areas surveyed including Adams, Arapahoe, Denver, Douglas, Jefferson and in the Boulder/Broomfield area.

“Vacancies are falling both metro-wide and in most neighborhoods we survey,” said Ryan McMaken, spokesman for the Colorado Division of Housing. “We still find some high vacancy rates out in eastern and southeastern parts of the metro area, but everywhere else we’re looking at rates in the three to four-percent range, which is low.”

Last year’s second-quarter vacancy rates by county were:

• Adams, 4.5 percent.
• Arapahoe, 6.3 percent.
• Boulder/Broomfield, 3.9 percent.
• Denver, 4.2 percent.
•  Douglas, 4.9 percent.
• Jefferson, 3.8 percent.

Average rents for all counties were:

• Adams, $934.
• Arapahoe, $909;.
• Boulder/Broomfield, $1070;.
• Denver, $973.
•  Douglas, $1109.
• Jefferson, $897.

Related Posts:

• Vacancies down, rents up
• Apartment vacancies at 10-year low
• Apartment vacancies fall
• Denver apartments: Reasons to be bullish
• Boulder apartment vacancy rates soar

Following three quarters of declines, auction sales rose slightly during the first quarter of this year from the preceding quarter, but remained well below totals reported during the first quarter of last year, shows the report by the Colorado Division of Housing.

There were 4,221 foreclosure auction sales, or completed foreclosures, reported during the first quarter, compared with 5,605 sales reported during the same period of 2011. Sales, however, rose four percent from the fourth quarter of last year to the first quarter of this year, rising from 4,057 at the end of 2011.

Foreclosure filings also fell during the first quarter. Foreclosure filing totals for the first quarter of this year were down 3.7 percent, falling to 7,783 from 2011’s first-quarter total of 8,079. From the fourth quarter of last year to the first quarter, foreclosure filings fell 8.9 percent.

40 percent below peak

Foreclosure auction sales during the first quarter fell 40 percent below the peak in 2007  of 7,117 auction sales reported during the third quarter of that year. Auction sales totals are now near a five-year low. New foreclosure filings during the first quarter fell 37 percent below 2009’s peak of 12,468 reported during the third quarter of that year.

“Foreclosure activity continues to trend downward in Colorado, even when compared to early 2011 which itself saw a big drop from 2010 totals,” said Ryan McMaken, spokesman for the Colorado Division of Housing. “Toward the end of 2011, we saw employment and home prices stabilize while home buying appeared to increase, so these foreclosure numbers likely reflect those factors.”

While several regions of Colorado saw improvement during 2011, some areas continued to experience growth in foreclosures.

Eleven of the state’s 12  metropolitan counties reported year-over-year declines in the number of foreclosure auction sales occurring during the first quarter. Sales declined 39 percent in Denver and Douglas counties from the first quarter of last year to the first quarter this year, while El Paso County declined 24 percent during the same period. Only Broomfield County reported an increase, with auction sales rising 36 percent.

Those counties that did experience increases were generally found outside the Front Range. From the first quarter of 2011 to the first quarter of 2012, 16 of Colorado’s 64 counties reported increases in foreclosure auction sales. Among those 16, 11 were mountain counties including Garfield, San Miguel, Ouray and Eagle counties.

The five counties with the highest foreclosure rates during the first quarter were San Juan, Eagle, Garfield, Las Animas, and Park. Mesa County was the only metro county among the counties with the top 10 highest foreclosure rates in the state. Boulder County, on the other hand, reported the lowest foreclosure rate of any metropolitan county and also had one of the lowest foreclosure rates overall.

“Several mountain counties are still dealing with growth in foreclosure activity, and may not have peaked yet,” McMaken said. “The Front Rage, however, which drives the overall statewide totals, looks like it peaked back in 2010.”

Foreclosure sales are opened foreclosures that have proceeded through the full foreclosure process to final sale at public auction. Filings denote the beginning of the foreclosure process, and once a foreclosure is filed, the borrower has at least 110-120 days to work with the lender to avoid a completed foreclosure. It is during this period that borrowers work with lenders and housing counselors to work out loan modifications, short sales, or other ways of withdrawing the foreclosure.

Have a real estate tip or story idea? Contact John Rebchook at JRCHOOK@gmail.com. 

InsideRealEstateNews.com is brought to you by Universal Lending Corp., Land Title Guarantee and 8z Real Estate.

Related Posts:

• Foreclosures down in Colorado
• Colorado foreclosures down 15%
• Colorado No. 10 in foreclosures
• Foreclosures fall 27%
• Foreclosure hit 30-month low

There are twice as many extremely low-income households in Colorado as there are affordable rental units for them,  according to the report released by the Colorado Division of Housing.

There are 100 renter households for every 50 affordable rental units for households that earn less than $20,000, according to the report. The report assumes that households earning $20,000 can afford a monthly rent payment of $500, or 30 percent of monthly income.

The report, based on Census Bureau data collected from 2006 to 2010, shows there are 45 affordable rental units for every 100 households earning less than $15,000 per year, and 55 units for every 100 households at an income level below $10,000. For households at the $35,000 income level, there are 107 rental units affordable to every 100 households.

In the report, units are deemed affordable if the household pays no more than 30 percent of monthly income to rent. Households that pay more than 30 percent of income for housing are described as “rent burdened.”

Rising rents hit poor

“Rental housing in general since 2009 has become more scarce for many households as vacancies fall and rents rise,” said Ryan McMaken a spokesman for the Colorado Division of Housing. “But when one is at the lowest income levels, the impact of growing demand for rentals can be especially severe as once-affordable units are priced out of range.”

At all income levels, there were approximately 298,200 rent burdened households in Colorado, which is equal to 48 percent of all renter households. 50 percent of all rent burdened households are at income levels below $20,000 per year.

The report also noted that in Colorado there are “243,000 households (39 percent of all renter households) paying 35 percent or more of income toward housing. Approximately 150,000 households (24 percent of all renter households) pay 50 percent or more of income toward housing.”

The availability of affordable rental units varied across the state. In the metro Denver area, there were 43 units affordable to every 100 households earning less than $10,000, and 39 units affordable for each 100 households earning less than $20,000. Affordable rentals were more accessible in the Grand Junction area where there were 77 units affordable to every 100 households earning less than $10,000, and 61 units affordable to every 100 households earning less than $20,000.

For households earning $35,000 in all areas except the Boulder area, there were at least 100 units affordable to every 100 households. In the Boulder area there were 78 units for households earning $35,000.

Rent burdened high in Boulder

The areas with the largest percentages of rent burdened households were the Boulder and the Fort Collins-Loveland areas where 56 percent and 54 percent of households were rent burdened, respectively. The areas with the smallest percentages of rent burdened households were the Colorado Springs and Grand Junction areas where the proportion of households that were rent burdened was 47 percent and 43 percent, respectively.

Monday’s report is an update of a housing-need report released by the Division of Housing last summer.

“Comparing this (report with last year’s report) we can see that the need increased somewhat during that time,” McMaken said. “That’s not surprising because in recent years we’ve seen the homeownership rate drop and rents increase. That squeezes the renters at the lowest income levels.”

Got news tip? Ideas for real estate stories? Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Affordable housing shortage in state
• Low-income residents face apartment shortage
• Walls coming down between housing, transporation and environment
• Annual affordable housing conference later this month
• Q&A with Patrick Coyle

The vacancy rate varied among different types of properties, although only triplexes reported vacancy rates above 3 percent. The vacancy rate in detached houses was 1.6 percent, and it was 2 percent in rental townhouses. Rental condominiums reported a vacancy rate of 2.4 percent.

At the county level, the lowest vacancy rates were found in Douglas County and in Jefferson County. The vacancy rate was 1.5 percent in both Douglas County and Jefferson County. The highest county-wide vacancy rate, found in Adams County, was 4.8 percent.

Vacancy rates for all counties surveyed were:

• Adams, 4.8 percent.
• Arapahoe, 2.5 percent.
• Denver, 2.1 percent.
• Douglas, 1.5 percent.
• Jefferson, 1.5 percent.

“The vacancy rate went up slightly year-over-year ,”  said Ryan McMaken,spokesman for the Colorado Division of Housing. “That doesn’t mean much, though, because when you’re looking at vacancy rates below three percent, the bottom line is that the market is tight. For many people, it’s not easy to buy a house right now, so they’re renting.”

The average rent in metro Denver for single-family and similar properties rose to $1,062 during 2011’s fourth quarter, rising 3.2 percent from 2010’s fourth-quarter average rent of $1,029. The fourth quarter’s average rent was also up from 2011’s third-quarter average rent of $1,049. Average rents are not adjusted for inflation.

The average rent rose, year over year, in all county areas. Growth in the average rent was strongest in Adams County where the average rent grew 7 percent from 2010’s fourth quarter to 2011’s fourth quarter. The average rent rose the least in Denver County where it was up 1.6 percent, year over year.

Average rents for all counties were:

• Adams, $1,186.
• Arapahoe, $1,006.
• Denver, $992.
• Douglas, $1,416.
• Jefferson, $1,021.

During 2011’s fourth quarter, the average number of days on the market for single-family rentals and similar properties was 38 days, which was unchanged from the fourth quarter of 2010. The number of days on the market rose during the fourth quarter from 2011’s third-quarter average of 24 days.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Rental home vacancy rate 2.6%
• Low apartment vacancies poised to drop
• Affordable housing shortage in state
• Good time to be a landlord
• Rental home vacancies at record low

Among the counties surveyed, there were 1,248 foreclosure auction sales during February of this year, compared to 1,338 sales during February of last year.

From January to February , foreclosure filings rose 6 percent while foreclosure auction sales rose 8.5 percent. In recent years, from January to February, foreclosure filings have tended to change little, while foreclosure auction sales have tended to fall.

“Foreclosure auction sales have now been down 13 of the last 14  months, comparing year-over-year and this continues a trend of diminished foreclosure filings that we’ve been seeing since the fall of 2010,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “On the other hand, filings were up a bit in February compared to last year, and this may reflect a renewed effort by lenders to process foreclosures in the wake of the recent legal settlement with the states and the feds.”

During February, the counties with the largest changes in foreclosure filings, year over year, were Boulder and Broomfield counties, where filings decreased by 23.5 percent and 25 percent, respectively. Mesa County, on the other hand, reported a 32.1 percent increase in foreclosure filings during the same period.

Five of 12 counties surveyed showed decreases in foreclosure auction sales in February when compared to the same period last year. The counties with the largest decreases in foreclosure auction sales, year over year, were Denver County and Weld County, where auction sales decreased by 52.6 percent and 18.3 percent, respectively. Mesa County and Adams County reported the largest increases in auction sales with increases of 18.8 percent and 19.2 percent, respectively.

The county with the highest rate of foreclosure sales during February was Mesa County with a rate of 706 households per foreclosure sale. Adams County came in second with 858 households per foreclosure sale. The lowest rate was found in Boulder County where there were 2,716 households per foreclosure sale.

The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the twelve largest counties of Colorado. The report is a supplement to the Division’s quarterly foreclosure report that includes all counties in Colorado.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Foreclosures down in Colorado
• Foreclosure auctions down 25%
• Foreclosures dive 28%
• Foreclosures fall 25%
• RealtyTrac: Colorado No. 9 for foreclosures

That marks the lowest fourth-quarter vacancy rate at least since 2007, when Colorado Division of Housing began tracking the vacancy rate for each quarter. Prior to 2007, the division tracked the state markets in the first and third quarters. The vacancy rate was down slightly from the fourth quarter of 2010, when it stood at 5.8 percent.

Only  Greeley reported year-over-year increases. In Greeley, the vacancy rate rose from 5.1 percent during the fourth quarter of 2010 to 6.4 percent during the fourth quarter of 2011. The vacancy rate declined in all other areas. The largest drop was found in Pueblo where the vacancy rate fell from 10.2 percent during the fourth quarter of 2010 to 7.3 percent during the same period of 2011.

The metro Denver vacancy rate during 2011’s fourth quarter, released last month in a separate survey, fell year over year from 5.5 percent to 5.4 percent.

“We’ve seen year-over-year drops in vacancies in all metros except Greeley for at least the past four quarters,” said Ron Throupe, a professor of real estate at the University of Denver’s Burns School of Real Estate and Construction Management, and the report’s author. “Markets have begun to respond with new construction, but little of that has come online so far.”

Vacancy rates in all metropolitan areas were:

• Colorado Springs, 6.7 percent.
• Ft. Collins/Loveland, 3.4 percent.
• Grand Junction, 7.0 percent.
•  Greeley, 6.4 percent;
• Pueblo, 7.3 percent.

Average rents across the state have increased as vacancies have fallen.

The statewide average rent in Colorado increased 3.2 percent from 2010’s fourth quarter to 2011’s fourth quarter, rising from $871 to $900. Across metro areas in the state, however, growth in average rents varied considerably. The average rent in the Greeley area, for example, increased 7.0 percent, year over year, while the average rent in Pueblo fell 3.2 percent. During the same period, the average rent in Colorado Springs increased 5.0 percent while the average rent in Grand Junction rose 3.8 percent.

The largest increase in the average rent was found in the Fort Collins/Loveland area where it rose 9.1 percent from the fourth quarter of 2010 to 2011’s fourth quarter.

“The overall trend in rents continues upward and rent increases in Fort Collins, Greeley and Colorado Springs were quite substantial during the fourth quarter,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “This is likely to continue in the near term as more households look to rental housing and if in-migration from other states remains strong.”

Average rents in all metropolitan areas measured were:

• Colorado Springs; $775
•  Ft. Collins/Loveland, $973.
•  Grand Junction, $640.
•  Greeley, $677.
• .Pueblo, $535.

The metro Denver average rent, measured in a separate survey, was $932 during the fourth quarter.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Apartment vacancies at 5.2%
• Rent growth highest in decade
• Rents rise in Springs
• Vacancies down, rents up
• Apartment rents hit high in Springs

The report by the Colorado Division of Housing shows that there were 1,939 filings last month, compared with 2,699 in January 2011 in the 12 largest counties in the state. That marks the lowest number of filings in a January in five years.

Foreclosure auction sales in Colorado’s metropolitan counties were down 23.3 percent in January compared to January of last year, dropping from 1,499 to 1,150.  January 2012’s sales total was the lowest January total reported in five years.

New foreclosure filings fell year over year during January with total filings dropping 28.2 percent from 2,699 filings in January 2011 to 1,939 filings in January.

From December 2011 to January 2012, foreclosure filings fell 18.6 percent while foreclosure auction sales rose 18.8 percent. In recent years, foreclosure filings had tended to fall from December to January while sales have tended to rise during the same period.

14-month trend

“Foreclosure filings during January fell to levels well below any other January since 2008, and this continues a trend of diminished foreclosure filings activity that we’ve been seeing since the fall of 2010,” said Ryan McMaken, a spokesman with the Colorado Division of Housing. “In year-over-year comparisons, foreclosure filings have now fallen for 14 months in a row, which suggests a well-established trend at this point.”

During January, the counties with the largest decreases in foreclosure filings, year-over-year, were Douglas and Broomfield counties, where filings decreased by 44.5 percent and 40 percent, respectively. Larimer County reported the smallest decline in filings with a decrease of 16.7 percent from January 2011 to January 2012. All counties surveyed reported year-over-year decreases in foreclosure filings.

All counties except Broomfield showed decreases in foreclosure auction sales in January when compared to the same period last year.  The counties with the largest decreases in foreclosure auction sales, year over year, were Douglas County and Boulder counties, where auction sales decreased by 49.6 percent and 36.5 percent, respectively. Mesa County reported the smallest decline in auction sales with a decrease of 2.5 percent from January 2011 to January 2012.  Broomfield County’s sales total increased from three to 10 during the same period.

 The county with the highest rate of foreclosure sales during January was Mesa County with a rate of 752 households per foreclosure sale. Adams County came in second with 948 households per foreclosure sale. The lowest rate was found in Boulder County where there were 3,621 households per foreclosure sale.

It is still unclear as to how the recent legal settlement between federal officials, state attorneys general, and mortgage servicers will affect foreclosure trends, according to McMaken.

“There have been some indications that some servicers have been holding back on foreclosure processing until the deal was final,” McMaken said. “But it’s hard to predict how that would pan out here in Colorado and whether that would be enough to reverse the present downward trend.”

County	January 2011	January 2012	YOY percentage change
Adams	370	268	-27.6
Arapahoe	418	296	-29.2
Boulder	75	57	-24.0
Broomfield	25	15	-40.0
Denver	358	269	-24.9
Douglas	238	132	-44.5
El Paso	411	285	-30.7
Jefferson	250	191	-23.6
Larimer	120	100	-16.7
Mesa	118	93	-21.2
Pueblo	126	102	-19.0
Weld	190	131	-31.1
Total	2,699	1,939	-28.2

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Foreclosures down in Colorado
• Foreclosure auctions down 25%
• Foreclosures little changed
• Foreclosures fall 25%
• RealtyTrac: Colorado No. 9 for foreclosures

The average rent for the region was up from $738 reported during the fourth quarter of 2010, and was down slightly from 2011’s third-quarter average rent of $778, shows the report by the Colorado Division of Housing and the Apartment Association of Southern Colorado.

The median rent rose year over year to $742 during the fourth quarter, rising 4.3 percent from 2010’s fourth-quarter median rent of $711. The average rent increased in all types of apartments measured, including all types of units from efficiency apartments to three-bedroom apartments.

The average rent also increased year over year in all sub-markets measured during the fourth quarter in all areas except the Central region where the average rent fell 1.8 percent to $699. The average rent increased the most in the Southeast region where it increased 12 percent year over year to $708.

“We generally expect the rent to drop off a bit during the fourth quarter,” said Ron Throupe, a professor of real estate at the University of Denver’s Burns School of Real Estate and Construction Management, and the report’s author. “Comparing year-over-year, however, we’ve now seen two years of solid rent growth in Colorado Springs.”

Average rents for all market areas were:

• Northwest, $819.
• Northeast, $742.
• Far Northeast, $900.
• Southeast, $708.
• Security/Widefield/Fountain, $615.
•  Southwest, $797.
•  Central, $699.

The apartment vacancy rate in the Colorado Springs metro area fell year over year to 6.7 percent during the fourth quarter of 2011, falling from 2010’s fourth-quarter vacancy rate of 7.2 percent. The fourth-quarter rate rose from this year’s third-quarter rate which was 6.2 percent.

The vacancy rate declined year over year in the Northeast, Far Northeast, Southeast and Security/Widefield/Fountain areas of Colorado Springs, while the vacancy rate increased during the same period in the Northwest and Central areas. The vacancy rate was unchanged in the Southwest area.

“Due to seasonal issues, the vacancy rate moved up a bit during the fourth quarter, but it was the lowest fourth-quarter vacancy rate for the metro area since the year 2000,” said Ryan McMaken, a spokesman for the Colorado Division of Housing. “The region saw some job growth during 2011, and that, coupled with little new multifamily construction, has sent the vacancy rate down to a 12-year low.”

Vacancy rates for all market areas were:

• Northwest, 6.8 percent.
• Northeast, 5.3 percent.
• Far Northeast, 6.5 percent.
• Southeast, 9.6 percent.
• Security/Widefield/Fountain, 10.7 percent.
•  Southwest, 5.4 percent.
•  Central, 7.1 percent.

Apartment Realty Advisors is also a major sponsor of this report. The Vacancy and Rent Surveys are a service provided by the Colorado Department of Local Affairs’ Colorado Division of Housing and the Apartment Association of Southern Colorado to renters and the multi-family housing industry on a quarterly basis.

Contact John Rebchook at JRCHOOK@gmail.com

Related Posts:

• Apartment rents hit high in Springs
• Record rents in Colorado Springs
• Springs apartment vacancy rate at 10-year low
• Springs apartment vacanices hit 9-year low
• Springs apartment vacancy rate falls