Friday, May 13, 2011

Average rent up 3.9 percent in Colorado

See here for full report.

The demand for rental housing continued to grow across Colorado as apartment vacancy rates fell and rents rose during the first quarter of this year. According to a report released today by the Colorado Division of Housing, from the first quarter of 2010 to the first quarter of this year, vacancy rates fell in all five metropolitan areas of the state measured by the survey, including Fort Collins-Loveland, Greeley, Grand Junction, Colorado Springs and Pueblo.

The combined statewide vacancy rate, which includes vacancies from all survey areas and metro Denver, fell 16.6 percent year-over-year, from 6.6 percent to 5.5 percent.

The largest drop in the vacancy rate was found in Grand Junction where, year-over-year, the rate fell 45 percent from 11.6 percent to 6.3 percent. During the same period, the vacancy rate fell 44 percent in Greeley and 41 percent in the Pueblo area. The vacancy rates in Greeley and Colorado Springs are both now at nine-year lows.

The metro Denver vacancy rate, measured earlier this month in a separate survey, also fell year-over-year from 6.5 percent to 5.5 percent.

Vacancy rates in all metropolitan areas were Colorado Springs, 5.8 percent; Ft. Collins/Loveland, 4.0 percent; Grand Junction, 6.3 percent; Greeley, 3.8 percent; Pueblo, 7.4 percent.

From the first quarter of 2010 to the first quarter of 2011, average rents increased in Colorado Springs, Fort Collins-Loveland and Pueblo. The average rent fell nearly one percent in Grand Junction, while the average rent was flat in Greeley. Rents grew the most in the Fort Collins-Loveland region where the average rent increased 7.5 percent year-over-year from $837 to $901 during the first quarter. The average rent grew 3.8 percent in the Colorado Springs area and 4.2 percent in the Pueblo area.

The combined statewide average rent, which includes rent levels from all survey areas and metro Denver, rose 3.9 percent year-over-year from $840 to $873.

Average rents in all metropolitan areas measured were Colorado Springs, $737, Ft. Collins/Loveland, $901; Grand Junction, $656; Greeley, $660; Pueblo, $570.

The metro Denver average rent, measured in a separate survey, grew 3.8 percent year-over-year, and was $911 during the first quarter.