Vacancies in rental condos, single-family homes and other small properties across the Denver metro area rose slightly during the fourth quarter although the market remained tight with a rate of 2.1 percent, according to a report released today by the Colorado Division of Housing.
According to the report, which does not include apartments, the metro-wide vacancy rate during the fourth quarter of 2011 was up from 2010′s fourth-quarter rate of 2.0 percent while it was down from 2011′s third-quarter rate of 3.4 percent.
Ryan McMaken, spokesman for the the Division of Housing, said that although the vacancy rate went up slightly year-over-year, “that doesn’t mean much because when you’re looking at vacancy rates below three percent, the bottom line is that the market is tight.
“For many people, it’s not easy to buy a house right now, so they’re renting,” he said.
The vacancy rate varied among different types of properties, though only triplexes reported vacancy rates above three percent. The vacancy rate for detached houses was 1.6 percent, and it was 2.0 percent in rental townhouses.
At the county level, the lowest vacancy rates were found in Douglas and Jefferson counties. The vacancy rate was 1.5 percent in both counties.
Vacancy rates for other counties surveyed were: Adams, 4.8 percent; Arapahoe, 2.5 percent; and Denver, 2.1 percent.
The average rent in the Denver area for single-family and similar properties rose to $1,062 during 2011′s fourth quarter; rising 3.2 percent from 2010′s fourth-quarter average rent of $1,029.
The fourth quarter’s average rent was also up from 2011′s third quarter average rent of $1,049.
The average rent rose, year over year, in all counties. Average rents for all counties were: Adams, $1,186; Arapahoe, $1,006; Denver, $992; Douglas, $1,416; and Jefferson, $1,021.
Howard Pankratz: 303-954-1939 email@example.com