Monday, July 23, 2012

Housing News Digest, July 23

Apartment rental rates hit all-time high Average rents in the Boulder/Broomfield market have steadily climbed since the third quarter of 2010, with each of the past seven quarters setting a new record, according to the report. The metro area vacancy rate is 4.8 percent, down from 4.9 percent the past quarter. The joint Boulder and Broomfield county market has the lowest vacancy rate.

Apartment rents in metro Denver rose 7.1 percent during quarter The average rent for apartments in metro Denver rose 7.1 percent from the second quarter of last year to the same period this year, according to a report released Monday by the Colorado Division of Housing and the Apartment Association of Metro Denver. The report said that the second quarter's year-over year growth rate of 7.1 percent was the highest reported during any quarter since the third quarter of 2011, when average rent grew 8.5 percent.

 Average rents up, vacancies down in Denver area “For the next couple of years, we’re going to continue on this trend until construction can deliver some units to catch up,” Hunt said. ARA is tracking about 2,500 units to come online during the rest of 2012 and about 3,500 units to be delivered in 2013, out of approximately 292,000 total apartments.

 Denver-area rents rising The year-over-year growth was the largest annual percentage range since the third quarter of 2011, when the average rent rose by 8.5 percent, shows the report . During the second quarter of this year, the average rent in metro Denver rose $65 to $979 from last year’s second-quarter average rent of $915.

Council to consider 52-unit townhome project west of downtown The Colorado Springs City Council will consider a zone change and development plan this week for a 52-unit Westside townhome development. Uintah Bluffs LLC is requesting approval to build the townhomes on 12.9 acres northeast of Manitou Boulevard and west of Monument Street, bordered by Mesa Road and Dale Street.