Tuesday, August 28, 2012

Zillow: Median asking rents down 6.5 percent in Colorado

Zillow last week released its most recent estimates of home values nationwide and in various metros, including several of Colorado's metros. See here for the Zillow home value data.

Zillow also released "median asking rent" data for single-family homes and condos.

Zillow only has data going back to February 2010, and it shows very little growth in asking rents since then.

We only have data for metro Denver, but our own data here shows that rents for single-family houses and condos have been rather flat over the past two years as well. There have been increases, to be sure, but they have rarely outpaced inflation.

This is very different from apartment rents, of course which have been showing substantial growth in recent quarters in some areas.

 Zillow shows the following year-over-year changes in median asking rents:

Colorado: -6.5%
Boulder Metro - 14.6%
Colorado Springs Metro -12.5%
Denver Metro -8.4
Ft. Collins Metro -4.3%
GJ Metro -10%
Pueblo Metro -20%

The year-over-year change in the Division of Housing survey for single-family and condo rents was up 0.3 percent. That is, it was flat.

The big declines in the Zillow rents is curious given the rock-bottom vacancy rates in these properties of 1-3 percent in recent quarters.

We'll keep an eye on them as they amass more data.

Here's a graph of the available data: