Vacancy rate for single-family homes fell to 2.2 percent from 4.1 percent, according to the report authored by Gordon Von Stroh, a business professor at the University of Denver. Record foreclosures in the Denver area have been good for rental homes, driving down the vacancy rate to a seven-year low.
Overall, vacancies in single- family homes, condos and other small properties for rent in metro Denver fell to 2.7 percent in the first quarter, a 36 percent drop from the 4.1 percent vacancy rate a year earlier, according to a report released on Thursday by the Colorado Division of Housing.
Investors are increasingly buying foreclosed homes and profitably renting them, he said.
They do that by buying homes for about 70 percent of the previous sales price and then in some cases making a 30 percent down payment, Alldredge said.
Separately, the Home Builders Association of Metro Denver reported that 789 apartment permits were issued in the Denver area in the first quarter, almost a 14 percent drop from the 914 in the first quarter of 2007.
Susan E. Melton, of Assured Management Inc., said most of the homes she manages are for people who can’t sell them, so they’re renting them out until the market improves.
The median monthly rent for all homes was $950, 6.1 percent higher than $895 a year earlier.
Resource
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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.
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
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