Market Conditions in 80206>Question Details

Voices Member,  in

Is the rental market in Denver CO. stronger or weaker or the same as it was a year ago.

Asked by Voices Member, Sat Oct 1, 2011

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15
Dear Nicholas,

The Denver metro rental market is extremely strong right now. I have some relocation clients that are coming to town and need to find a rental. They know that they are among vast competition and our pickens are super slim - EVEN IN OCTOBER!!!!

If you've got a rental, you will rent it for sure and probably a touch higher than you would have originally thought.

Our vacancy rates for rentals have been hovering between 1-2% all year and see this staying about where it is.

If you need any help finding property that would be good for buy and hold/rental purposes, let me know!

Thanks,
Brooke Hengst
REALTOR, CDPE, The Elite Team
Your Castle Real Estate
(720) 988-5952
bhengst1@gmail.com
http://www.brookehengst.com
Web Reference: http://www.brookehengst.com
1 vote Thank Flag Link Mon Oct 10, 2011
Rental market is very strong right now. According to Colorado Division of Housing Denver metro vacany rates for the first quarter are in the 1.4%. Two counties recorded a 0% vacany rate: Broomfiled and Boulder and 1% for Jeffco. Average DOM for rentals is 29 days! Rates: “Although the demand for units is very strong, it has been difficult for owners to push rents in many cases,” McMaken said. “This is partly due to the fact that new inventory continues to come in the form of foreclosed homes bought up by investors and via owners who opt to rent out their homes instead of selling them in the present market. Present trends point toward more solid rent increases in the future, however.” Read the full article: http://www.divisionofhousing.com/2011/05/single-family-renta…
Web Reference: http://www.housefitz.com
1 vote Thank Flag Link Thu Oct 6, 2011
Hi Nicholas:

I think it is clear that the rental market has been a winner lately, at least for the property owners. I've talked to a number of people who have had trouble finding places to rent. And I have talked to owners who were surprised how quickly their properties have rented when advertised. In some cases rentals posted on Craigslist have been rented during the first hour.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
1 vote Thank Flag Link Tue Oct 4, 2011
Rental Market is doing great, If you are an Agent working this Market you will see Rentals are going fast compared to Sales. Rents are up and The choices to rent are few.
Brian
1 vote Thank Flag Link Sat Oct 1, 2011
If I remember correctly Denver has 1.4% vacancy and Broomfield 0%!! Last year the vacancy rate was about 4-5%. I personally have several rental properties and they get rented in the matter of hours.
1 vote Thank Flag Link Sat Oct 1, 2011
The rental market is very strong with limited supply
0 votes Thank Flag Link Thu Jun 7, 2012
0 votes Thank Flag Link Sat Oct 8, 2011
My vote would be yes. I have one rental in Stapleton and one in Capitol. Both rents rose and more qualified applicants to choose from.
0 votes Thank Flag Link Mon Oct 3, 2011
Without question, the rental market is stronger in Denver than from a year ago. Vacancy Rate for <4 Unit Properties is approximately 1%. That is crazy tight. I own rental property in Central Denver as do many of my clients. All of us are used to 20-30 responses to Craigslist Ads in less than 24 Hours. And fill units 1st Day with multiple qualified applicants and increased rents (often with increases of $100-200/month from the previously expired lease).
Web Reference: http://www.jonrroberts.com
0 votes Thank Flag Link Sun Oct 2, 2011
Yes, it is very strong. Our office is in the 80206 zip code and we manage several properties in that and adjoining zip codes of 80218, 80209 and 80220.
Charlie Gerretson, Broker
Gerretson Realty Inc.
Central Denver
0 votes Thank Flag Link Sun Oct 2, 2011
The rental market is better than a year ago and vacancies are still low < 1%. Buyers are having a hard time qualifying for loans, unemployment is high and the economy has not turned around; this has turned many potential buyers into renters.
0 votes Thank Flag Link Sat Oct 1, 2011
The applications for rentals are up in our office - no question here in Longmont. Boulder is reported to have a very thin vacancy rate of 1 percent. Homeowners are putting their homes up for rent versus selling. With so few homes being built and inventory shrinking, it comes as no surprise that vacancies are scarce.

SuZ
PML
of Longmont, CO
720 810 0683
0 votes Thank Flag Link Sat Oct 1, 2011
Like any economic conditon, every market is controlled by supply and demand, The rental market is stronger now and vacancty rates are very low at this time, people still have to live somewhere. With the increase in foreclosures and short sales. This inturn requires people to rent, when there is not enough rental space available rental rates per month go up. and the vacancy rates go down.I hope this helps.
0 votes Thank Flag Link Sat Oct 1, 2011
I'd second that. We own and manage rental properties and rents are definitely up. The last vacancy we had was filled in 2 days!
0 votes Thank Flag Link Sat Oct 1, 2011
I would say it is very much stronger with vacancy rates being at an all time low, and rental prices are increasing because of the demand.
0 votes Thank Flag Link Sat Oct 1, 2011
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