Thursday, March 18, 2010

Subsidized rental housing vacancies fall to 6.7 percent

Click here for full report.

Statewide vacancies in all subsidized, deed-restricted units fell to 6.7 percent during the fourth quarter, while vacancy rates in non-subsidized, market-rate units were at 7.9 percent. According to a report released today by the Colorado Department of Local Affairs’ Division of Housing, fourth quarter vacancies were unchanged from the third quarter rate, and were down from a rate of 6.9 percent reported during the fourth quarter of last year.

The overall vacancy rates measure vacancies among all subsidized units at all income levels. However, among units available to residents earning 30 percent of area median income or less, the vacancy rate was 2.5 percent, with no area reporting a vacancy rate above 4.2 percent.

As expected, deed-restricted units reported overall lower vacancies than market-rate units in all metropolitan areas except Loveland where deed-restricted vacancies were 8.4 percent, and market-rate vacancies were 6.6 percent.

The largest gaps between market-rate vacancies and deed-restricted vacancies were found in Grand Junction and Pueblo. In Grand Junction, deed-restricted vacancies were 4.1 percent and market-rate vacancies were 13.2 percent, and in Pueblo, deed-restricted vacancies were 4.7 percent, and market-rate vacancies were 12.2 percent.

The deed-restricted vacancy and rent survey and the market-rate vacancy and rent survey are available at the Division of Housing web site: http://dola.colorado.gov/cdh/vacancy/index.htm

The Colorado Division of Housing monitors vacancies in subsidized and rent-restricted units on a quarterly basis.