After hitting its lowest level since 2001 during the first quarter, metro Denver’s apartment-vacancy rate is climbing again.
The second-quarter rate increased to 7.1 percent, from 4.9 percent during the first quarter, according to statistics released Thursday by the Apartment Association of Metro Denver.
All metro-area counties included in the survey, except Douglas County, showed an increase in vacancy.
Renters may be contributing to the increase by rushing to buy in an effort to lock in lower interest rates, said Gordon Von Stroh, a University of Denver management professor who compiles the quarterly report for the association.
With home sales slumping, people also are putting their houses into the rental pool, said Bob Alldredge, a broker and owner of Jericho Properties Real ty, which manages about 200 units in the metro area.
“When people can’t sell their property, it’s an automatic solution to rent it,” Alldredge said. “They become a landlord by default.”
Meanwhile, the median rent has increased to its highest level since 2004, when the association started gathering rent data. Median rent was $895 in the second quarter, up from $880 during the first quarter.
Staff writer Margaret Jackson can be reached at 303-954-1473 or mjackson@denverpost.com.
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By the numbers
7.1%
Apartment-vacancy rate during the second quarter, up from 4.9 percent in the first quarter
$895
Median rent in the second quarter in the Denver metro area, up from $880 in the first quarter
