Tuesday, February 11, 2014

Housing News Digest, February 12

Despite vacancy increase, metro Denver apartment rents rise (9news) DENVER BUSINESS JOURNAL - While the vacancy rate for metro Denver apartments rose to its highest level in two years, it's still considered a tight landlord's market and rents across all Denver-area counties continued to rise, according to a vacancy and rent report released Monday. The area's vacancy rate rose to 5.2 percent in the fourth quarter, up from the 4.9 percent rate in Q4 2012 and also from the 4.4 percent vacancy rate in Q3, according to the report published by the Apartment Association of Metro Denver and the Colorado Division of Housing.

  Area's apartment vacancy rate at 3.4% BOULDER - Apartment vacancy for the combined Boulder and Broomfield area declined year over year in the fourth quarter of 2013 even as the Denver metro area's rate as a whole increased to a two-year high. That's according to figures released Monday by the Colorado Division of Housing and the Apartment Association of Metro Denver. Together, Boulder and Broomfield counties had 3.4 percent vacancy, down from 3.7 percent for the same period a year ago. The fourth-quarter rate, however, was a bit of an increase from the third quarter's 2.8 percent vacancy.

  Average monthly rent in the Denver metro area climbed $63 in a year Despite thousands of new apartments coming onto the market in metro Denver, the average rent climbed $63 in 2013 compared to the previous year, from $978 to $1,041. The rent increases came despite an apartment vacancy rate that increased to 5.2 percent during the fourth quarter of 2013, the highest in two years. The average rent rose in all counties measured in the fourth quarter. The largest increases were found in Denver County and the Boulder/Broomfield area, where average rents grew by 8.1 percent and 8.6 percent, respectively.

  NoCo home affordability takes a dive Homes for Northern Colorado’s middle class are becoming less affordable, according to a key index, which means more people are likely to be priced out of the fast-growing residential market. A housing affordability index compiled by the Colorado Association of Realtors has dropped by nearly 13 percent in the past two years in Northeastern Colorado. The index is based on data from Realtor associations in Estes Park, Fort Collins, Boulder, Greeley, Loveland/Berthoud and Longmont as well as Logan and Morgan counties.

  Marijuana refugees face real estate challenges The Barnharts are just one of many so-called "marijuana refugees" who have relocated or are planning to move amid the shifting legal landscape on medical and recreational use. Currently, 20 states and the District of Columbia have given the green light to treat certain medical conditions with marijuana; Colorado and Washington residents voted in 2012 to decriminalize recreational use. Several other states, including New York and Florida, could see medical marijuana laws on the books this year.