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Apartment vacancies fell across Colorado as rents rose during the second quarter of 2010, signaling a surprising amount of growth in demand for housing in spite of limited wage and job growth. According to a report released Thursday by the Department of Local Affairs’ Division of Housing, from the second quarter of 2009 to the second quarter of this year, vacancies fell in seven of the eight metropolitan areas of the state measured by the survey, including Fort Collins, Loveland, Greeley and Colorado Springs. Only Grand Junction and Pueblo reported a rise in the vacancy rate.
The largest drop in the vacancy rate was found in Colorado Springs where, year-over-year, the rate fell from 9.8 percent to 5.8 percent.
In Grand Junction, vacancies rose year-over-year from 4.5 percent to 8.9 percent, and in Pueblo, they rose from 8.5 percent to 10.4 percent during the same period.
The metro Denver vacancy rate, measured earlier this month in a separate survey, also fell year-over-year from 9.0 percent to 6.1 percent.
Vacancy rates in all metropolitan areas were Colorado Springs, 5.8 percent; Ft. Collins/Loveland, 6.8 percent; Grand Junction, 8.9 percent; Greeley, 6.3 percent; Pueblo, 10.4 percent.
Average rents rose across the state as vacancies fell. Among the state’s metropolitan areas, average rents rose in all areas except Greeley. The largest increase was found in the Fort Collins/Loveland region where the average rent increased from $825.03 to $885.29 from the second quarter of last year to the second quarter of this year. In Greeley, the average rent fell from 629.01 to 618.29, year-over-year.
Average rents in all metropolitan areas measured were Colorado Springs, $719.22, Ft. Collins/Loveland, $885.29; Grand Junction, $634.48; Greeley, $618.29; Pueblo, $541.78.
The metro Denver average rent, measured in a separate survey, was $899.97 for the second quarter.