In a new report released Tuesday by the Colorado Department of Housing, they soft housing market in Denver in the third quarter is continuing to help the rental market.
Vacancies of rental single-family homes, condominiums, duplexes and other housing dropped to 3.9 percent in the third quarter from 6.4 percent for the same period of 2006. They were basically flat compared to the second quarter’s 4 percent average vacancy rate. The rental market in Denver ids simply more attractive then the for sale market. Most people believe the market is going to decline and they are waiting for a really great deal right now.
The third-quarter’s 3.9 percent vacancy rate is the lowest recorded since the housing division launched its rental housing survey in 2001. Metro Denver has seen five consecutive quarters of vacancy drops in rental homes. Boulder and Broomfield counties reported the lowest vacancy rate at 2.3 percent, while Jefferson County had the highest rate at 4.6 percent.
Looking at types of homes, triplexes had the highest third-quarter vacancy rate at 7.8 percent, up from 6 percent for the same period last year. For-rent condos reported the lowest vacancies at 3.3 percent, down by more than half from 7.4 percent a year earlier.
Vacancy rates of less than 3 percent indicate a “very tight” market, according to the housing division. Vacancies of 5 percent are considered to be “equilibrium.” As vacancies dropped in the third quarter, monthly rents rose — to $967.29 on average from $957.28 in last year’s third period. Rents increased from $946.07 on average in the second quarter of 2007.
Average rents were highest in Douglas County ($1,380.43), and lowest in Denver County ($907.82). Rents increased the most in the Boulder/Broomfield area, to $1,361.25 from $1,202.80 for the same period last year. Rents averaged the following per month in metro other counties: Adams, $1,029.56 Arapahoe, $963.16 Jefferson, $938.47.
Related Article
Historical Housing Statistics for Colorado
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 their 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.
REAL ESTATE
If you would like additional information about the Denver Real Estate area in Denver Colorado as well as anywhere in Denver Metro Area contact us at 1-800-791-3990 ext 232.
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.
Jeffery has been a licensed Realtor since 1995. During this time he has successfully closed over 135 million dollars of residential real estate, and 40 million dollars in un-improved land amounting to 660 individual real estate transactions. His professional experience includes the Denver Colorado front range and the Second Home market in Breckenridge, Colorado located in Summit County.
Posted by: Jeffery McClintock
Categories:
