June 18, 2008 4:58 PM

Apartment vacanies statewide drop from 2007

The vacancy rate for apartments in Colorado outside of the Denver area fell by 18.6 percent in the first quarter from the same period in 2007, according to the latest report by the Colorado Division of Housing.
At the end of the first quarter, the statewide vacancy rate stood at 6.1 percent, compared with 7.5 percent a year earlier.
The report, however, shows that the vacancy rate rose slighlty from 5.7 percent at the end of the third quarter in 2007, the last time that University of Denver business professor Gordon Von Stroh conducted the survey for the housing division. The 0.4 of an increase equates to a 7 percent rise.
Areas with vacancy rates below 5 percent include: Alamosa, Aspen, Buena Vista, Canon City, Durango, Eagle County, Glenwood Springs, Grand Junction, Gunnison, Montrose, Salida, Steamboat Springs and Summit County.
Colorado Springs had a vacancy rate of 9 percent, Greeley 7.3 percent, Pueblo, 6 percent, and Fort Collins/Loveland, 5.2 percent.
Aspen had the highest median, or middle, monthly rent at $1,176. The average monthly rent in Aspen was $1,133.
Sterling had the lowest median rent at $336. The average rent in Sterling was $342.

Posted by John Rebchook at 4:58 PM | Comments (0)