Vacancies in rental houses and condominiums reached a six-year low during the second quarter.
The vacancy rate for small properties across metro Denver dropped to 4 percent, from 4.2 percent during the first quarter and 7.1 percent during the second quarter last year, according to a survey released today by the Colorado Division of Housing.
Average rental rates increased to $946.07 for the quarter, up from $937.18 in the first quarter and $931.53 in the second quarter last year.
All counties reported lower vacancies during the second quarter of 2007 compared to the same time last year. Adams County reported the largest drop, with vacancies decreasing from 5.5 percent from 11 percent a year ago. Denver County reported the lowest vacancy, dropping to 3 percent from 6.6 percent last year.
In Arapahoe County, the vacancy rate dropped to 4.5 percent; Boulder/Broomfield, 4.9 percent; Douglas, 3.9 percent; and Jefferson 4 percent.
Of all property types surveyed, single-family homes showed the highest vacancy rate of 4.8 percent, declining from 7.6 percent a year ago. Rental condominiums dropped to 3.5 percent, compared to 7.5 percent last year. Triplexes had the lowest vacancy rate with 2.4 percent.
Foreclosures continue to be a factor for single-family rentals.
“There are a lot of homes on the market and a lot of foreclosed homes, and many of them are being rented out,” said Kathi Williams, director of the Colorado Division of Housing.
Staff writer Margaret Jackson can be reached at 303-954-1473 or at mjackson@denverpost.com
