Friday, April 29, 2011

Housing News Digest, April 29

Regional rental market tightens, rents rise
Von Stroh said he would expect "new product" -- such as the Two Nine apartment development near Twenty Ninth Street and the planned multifamily additions at Boulder Junction -- would raise the vacancy rate in Boulder, but would be absorbed relatively quickly.

"There is such great demand," he said. "Boulder is truly in need of more housing. CU, as an institution, has continued to grow, but it's grown much faster than ... the inventory."

First-quarter Denver metro vacancy rate at lowest in 10 years as average rent rises
"If employment improves at all, the vacancy rate will drop below 5 percent by September," Von Stroh said.
Von Stroh and Ryan McMaken, of the Colorado State Division of Housing, said there are a number of factors that have caused the vacancy rate to decline.

Denver apartments get pricier as home ownership declines (Housing Wire)
"Most people who foreclose seem to be mostly moving into single-family rentals, and not into apartments, although some certainly do go back to apartments," said Ryan McMaken, a spokesperson for Colorado's Division of Housing. "The larger factor does seem to be people delaying purchases either because they're in no rush to buy, or because they simply don't have the credit score or the down payment funds necessary."

Area apartment rent prices increasing (Boulder County Business Report)
DENVER - Renters in Boulder and Broomfield counties saw the highest increase in rents during the past year, according to the quarterly apartment vacancy and rent survey released Thursday by the Apartment Association of Metro Denver and the Colorado Division of Housing.

The survey found the median rent for apartments in Boulder and Broomfield counties is $961, a $60 increase compared with the first quarter of 2010. The median rent for the metro Denver area is $858.

Denver apartment-vacancy rate falls (9News)
DENVER - The apartment vacancy rate in the Denver metro area fell to 5.5 percent in the first quarter, dropping to the lowest first-quarter vacancy rate recorded since 2001, according to a report released Thursday by the Apartment Association of Metro Denver and the Colorado Division of Housing.

After recession, a local boom in empty homes
When the recession ended the boom times of the first decade of the 21st Century, it left the lights out in thousands of unoccupied homes across the Roaring Fork and Colorado River valleys.

Results of the 2010 U.S. Census show vacancy rates climbed from Aspen to Parachute, largely as a result of new construction outpacing demand after the housing bubble burst.

Study: Springs housing market could see 'early turnaround'
Colorado Springs is one of 10 cities and metropolitan areas nationwide that are poised for an “early turnaround” in their housing markets, according to a study released this week.