Tuesday, August 31, 2010

Single-family rental vacancy rates fall in metro Denver

Click here for the full report.

Vacancies in for-rent condos, single-family homes, and other small properties across metro Denver fell year-over-year to 3.8 percent during 2010’s second quarter. According to a report released Tuesday by the Colorado Department of Local Affairs’ Division of Housing, the vacancy rate was 5.2 percent during the second quarter of 2009, and was 3.1 percent during the first quarter of this year. The second quarter’s vacancy rate is the lowest second-quarter rate reported since the report was started in 2004.

The average number of days on the market for single-family rentals and similar properties fell from 54.7 days during the second quarter of 2009 to 47.2 days during the second quarter of 2010. The number of days on the market rose from 2010’s first quarter average of 45.1 days.

The lowest vacancy rates were found in Arapahoe County and Douglas County, both of which reported average rates of 2.9 percent. The highest vacancy rate, likely driven by rental houses left behind by students during the summer break, was 8.6 percent in the Boulder/Broomfield area.

Vacancy rates for all counties surveyed were: Adams, 4.2 percent; Arapahoe, 2.9 percent; Boulder/Broomfield, 8.6 percent; Denver, 3.4 percent; Douglas, 2.9 percent; and Jefferson, 3.3 percent.

Average rents climbed slightly as vacancies tightened.

The average rent for single-family and similar properties rose year-over-year to $1027.78 during 2010’s second quarter, rising from 2009’s second-quarter rate of $1016.35. The second quarter’s average rent was down from this year’s first quarter average rent of $1035.56.

Average rents for all counties were: Adams, $1094.98; Arapahoe, $999.50; Boulder/Broomfield, $1518.43; Denver, $962.91; Douglas, $1415.34; and Jefferson, $975.25.

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 web site: http://dola.colorado.gov/cdh. 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.