Vacancies in for-rent condos, single-family homes and other small properties in metropolitan Denver rose to 4.2 percent during the second quarter, compared with 4 percent the same time last year, according to a report released Wednesday.
The lowest vacancy rates were in Douglas and Jefferson counties, at 1.8 percent and 3.3 percent, respectively. The highest vacancy rate was in Adams County, at 5.9 percent.
“The number of tenants that want to rent properties is affected by the unemployment rate,” said Susan Melton of Assured Management Inc. “A lot of people who rent are coming in for jobs. They rent for a while and then buy. If the unemployment rate increases, they leave to find jobs elsewhere.”
Colorado’s unemployment rate stood at 5.2 percent in July, up from 4.2 percent in January. About 40,000 more people are unemployed in the state than were in the summer of 2007.
The vacancy rate in other counties was: Arapahoe, 4.3 percent; Boulder/Broomfield, 4 percent; and Denver, 4.6 percent.
Average rent increased to $994, compared with $946 during the same period last year. Rents were highest in Douglas County, at $1,402, and lowest in Denver County, at $921.
The average rent in other counties was: Adams, $1,030; Arapahoe, $985; Boulder/Broomfield, $1,369; and Jefferson, $983.
Meanwhile, statewide vacancies in subsidized and rent-restricted housing rose to 6.1 percent during the second quarter, compared with 4.7 percent during the same time last year.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
