Apartment vacancies statewide continued to fall and rents rose through September of this year, according to a report released Tuesday by the Colorado Division of Housing.
The vacancy rate for apartments fell to 8.6 percent, down from 10.4 percent in February and 9.8 percent in September 2004. Average rents, not including incentives, reached an all- time high of $805 a month in September.
The rental market in many areas of the state has stabilized and is moving closer to a better balance between supply and demand, which is considered around a 5 percent vacancy rate, said Gordon Von Stroh with the University of Denver, who compiled the survey on behalf of the Division of Housing.
The availability of multifamily housing remains low and rent remains high in the mountain resort areas of Aspen, in Pitkin County, in Summit County and in the south-central cities of Buena Vista and Salida, which have among the lowest vacancy rates in Colorado.
Increased demand from oil and gas workers is driving down vacancies in Glenwood Springs and Grand Junction.
Vacancy rates are highest in Lake County, Sterling and Steamboat Springs, the study found. Among the state’s larger cities, Colorado Springs has the highest vacancy rate at 10.3 percent.
Southeastern Colorado’s situation could worsen after the closing of the Neoplan plant in Lamar and the Bay Valley Foods pickle plant in La Junta, Von Stroh said.
Staff writer Aldo Svaldi can be reached at 303-820-1410 or asvaldi@denverpost.com.
