Vacancy rates plummet in Northern Colorado
Fort Collins-Loveland might be falling victim to its own success.
A combination of the cities' relatively healthy job market, diverse economy and positive national press is putting the squeeze on available apartments.
The vacancy rates in September plummeted to critically low levels, meaning rents are going up and will continue to do so until more apartments are built.
Greeley, Fort Collins-Loveland among state's lowest apartment vacancy rates
The report said that, among the state's metro areas, Greeley had the largest vacancy rate drop at 1.8 percent. That compares to 3.9 percent in the same quarter in 2010.
The Fort Collins-Loveland vacancy rate was 2.3 percent for the third quarter.
Statewide, the vacancy rate for Colorado apartments fell to 5 percent in the third quarter of 2011, dropping to the lowest rate recorded since 2001.
Rental market tightens
In Pueblo, where the housing market remains in its deepest slump of the recession, the trends were mixed. Vacancy rates declined slightly to 7.3 percent while rents also dropped to an average of $541, the lowest among the city's larger cities.
Pueblo County rents vary by neighborhood. Average prices are the highest in the southwest quadrant ($585 to $700) and lower ($400 to $500) elsewhere.
Developer wants to build 315 apartments near police station
Loveland developer Mc-Whinney has submitted plans to the city of Fort Collins to build up to 315 apartments at the intersection of Drake and Timberline roads.
The proposal is winding its way through the Fort Collins development review process, said Mike Hill, senior vice president for multifamily development.
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Durango rental rates on rise
Conversely, investment is spurred when rents and demands rise, state and local officials said, affecting the building market and local economy overall.
In fact, the latest rental market trends already are bringing new projects and investments to the area, said Jarrod Nixon, president of the Durango Area Association of Realtors.
“We are beginning to see investors returning to the market due to higher returns that make Durango a better long-term investment,” Nixon said.
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