Here’s the third try.
Apartment rents in Colorado fell during the fall and early winter and vacancies rose, according to a survey released Wednesday by the Colorado Division of Housing.
The statewide average rent decreased from $824.54 to $812.42, a 1.5 percent decline. Although falling rents remain above the recent average low of $805 reached in the third quarter of 2005.
Average rents decreased during the period in Colorado Springs, Fort Collins, Pueblo, and Greeley. Grand Junction, where the rental markets have seen continued increases since 2005, bucked the trend.
The overall multi-family rental vacancy rate for the state, including the metro Denver area, increased 7.7 percent during the fourth quarter, up from a 7.2 percent rate in the third.
While higher, the rate is still below the 11.6 percent vacancy rate reached in the first quarter of 2003.
On the low end, Grand Junction vacancy rates were 2.7 percent. Vacancy rates were 12.6 percent in Colorado Springs, 10.6 percent in Loveland and 9.3 percent in Fort Collins.
The report, compiled by Gordon Von Stroh of the University of Denver, looked at areas outside the metro area.
The Denver Metro Apartment Vacancy & Rent Survey, released in January, showed average rents falling in the metro area to $849.89 in the fourth quarter, down from $865.75 in the third quarter.
The metro area vacancy rate increased to 7 percent in the fourth quarter, up from 6.7 percent in the third quarter.
Given that the fourth quarter is a slow time for moves, analysts are expecting rents to rise and vacancies to drop during the first quarter.
Staff writer Aldo Svaldi can be reached at 303-954-1410 or asvaldi@denverpost.com.
