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Sean J. Gilliland's Blog

By Sean J. Gilliland | Agent in Denver, CO

Rental Vacancies fall all across Colorado while rents rise

Rental vacancies fell across Colorado while rents rose during the fourth quarter of 2010, signaling a strong demand for rentals even though we still have very high unemployment.  From the fourth quarter in 2009 to the fourth quarter in 2010, vacancies fell year over year in all of the metropolitan areas ( including; Fort Collins, Loveland, Greeley, Grand Junction and Colorado Springs) that were examined in the study.   Grand Junction reported the largest drop in vacancy rates: a drop of 43% from 13.2 % to 7.5%. 

The metro Denver vacancy rate also fell year-over-year from 7.7 % to 5.5 % during the fourth quarter (This was reported in a seperate survey last month). 

Despite this growth the median rent price did not increase very much and showed limited growth.  The Fort Collins/Loveland region showed the highest growth, the median rent went up 6.2 %, Loveland alone went up 22 %.  In all other Metro areas the rent rose less than 2 %. 

This may be due to the slowdown in the real estate market.  When home sales stagnate, more people rent.  This trend will likely continue until the housing market improves. 

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By Marianne Bandy,  Tue Mar 1 2011, 19:19
I think this is further proof of the continuing aftermath of the foreclosure crisis. More people losing their homes, their credit is trashed, so they have to rent. In Douglas County where we live, the vacancy rate is around 1%.
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