Vacancies in
for-rent condos, single-family homes, and other small properties across metro Denver rose slightly
during the first quarter although the market remained very tight with a rate of
1.6 percent. The vacancy rate during the first quarter was the second-lowest
vacancy rate recorded in any quarter since the survey was started in 2001. According to a report released Thursday by the
Colorado Division of Housing, the metro-wide vacancy rate during the first
quarter of 2012 was up from 2011’s first-quarter rate of 1.4 percent while it
was down from 2011’s fourth-quarter rate of 2.1 percent.
At the county level,
the lowest vacancy rates were found in Douglas
County and in Jefferson County
where the vacancy rates were 1.3 percent and 1.0 percent, respectively.
The highest
county-wide vacancy rate, found in Adams
County, was 3.8 percent.
Vacancy rates for
all counties surveyed were: Adams, 3.8 percent; Arapahoe, 1.9 percent; Denver, 1.7 percent; Douglas, 1.3 percent; and Jefferson, 1.0 percent.
“With a vacancy rate
below two percent, you’re essentially dealing with 100% occupancy,” said Ryan
McMaken, a spokesman for the Colorado Division of Housing. “The vacancies we do
see are due to little more than turnover, so this tells us that in most of the
metro area, rental homes are filling up, and are doing so rather quickly.”
During 2012’s first
quarter, the average number of days on the market for single-family rentals and
similar properties was 28.7 days, which was the third-lowest average recorded
since the survey was started in 2001. The number of days on the market during
the first quarter was down from 29.7 days during 2011’s first quarter, and was
also down from 2011’s fourth-quarter average of 38.9 days.
The average rent in
metro Denver
for single-family and similar properties rose to $1,056 during 2012’s first
quarter, rising 1.6 percent from 2011’s first-quarter average rent of $1,039.
This year’s first quarter’s average rent was down from 2011’s fourth-quarter
average rent of $1,062. Average rents
are not adjusted for inflation.
The average rent
rose, year over year, in all county areas except in Arapahoe and Adams counties. Growth in the average rent was strongest
in Jefferson County where the average rent grew 2.7
percent from 2011’s first quarter to 2012’s first quarter. The average rent
fell the most in Arapahoe
County where it was down
5.3 percent, year over year.
Average rents for all counties were: Adams, $1,046; Arapahoe, $1,003; Denver, $1,001; Douglas, $1,410; and Jefferson,
$1,020.
The Colorado Statewide
Vacancy and Rent Study is released each quarter by the Colorado Division of
Housing. The Report is available online at the Division of Housing economics
site: www.divisionofhousing.com. The
Colorado Vacancy and Rent Survey reports averages and, as a result, there are
often differences in rental and vacancy rates by size, location, age of
building, and apartment type.
