The vacancy rate in for-rent condos, single-family homes and other small properties in metro Denver fell to a two-year low of 3.1 percent during the first quarter, according to data released Thursday.
The vacancy rate was 3.6 percent during the first quarter of 2009, according to a report by the Colorado Division of Housing.
The last time the metro-wide vacancy rate fell below 3.1 percent was in the first quarter of 2008, when it dropped to 2.7 percent. The highest vacancy rate was 9.5 percent in the second quarter of 2005.
“’05 was a symptom of so many people getting into single-family homes as owners,” said Ryan McMaken, spokesman for the division. “Everybody was believing that owner properties were going to go up 10 percent a year and they better get in now.”
Average rents for single-family and similar properties rose to $1,036 in the first quarter, from $1,004 during the first quarter of 2009. Margaret Jackson, The Denver Post
