The apartment vacancy rate for metropolitan Denver dropped to its lowest level in nearly seven years, according to data released today by the Apartment Association of Metro Denver.
During the third quarter, the vacancy rate dropped to 5.3 percent, the lowest it’s been since the first quarter of 2001 when it hit 4.5 percent. For the third quarter last year, the vacancy rate was 6.7 percent. It was 7.7 percent during the same quarter of 2005. Historically, vacancies drop during the third quarter. All six counties surveyed showed a decrease in their vacancy rates. The average rental rate decreased to $858 for the third quarter, down from $865 for the same period last year. About 586 new apartments were added to the inventory during the third quarter.
Resource
A Colorado Rental Property Resource for both landlords and tenants can be found at http://www.coloradorentalproperty.net . Online land lords can post detailed information regarding thier rental property, including 5 color photos. The ad can be self directed by the landlord to their cell phone or property management company. This is a service provided FREE by RealEstateColorado.Net and the ad will remain on line until it is asked to be removed.
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Jeffery McClintock, is a real estate broker in Denver and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.
Posted by: Jeffery McClintock
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