The small-property vacancy rate in the seven-county metro area dropped to 2.9 percent in the third quarter, the lowest rate in that period since record-keeping began in 2001, according to a survey released Tuesday by the Colorado Division of Housing.
That was down significantly from the 4.6 percent rate during the same period last year. Small rental properties include condos, single-family homes, townhouses, duplexes, triplexes and fourplexes.
Jefferson County and the Boulder/Broomfield area had the lowest vacancy rates at 1.8 percent and 1.4 percent, respectively.
Vacancies were the highest in Douglas County, at 5.2 percent, down from 5.7 percent a year earlier. Douglas County has a lot of construction projects, foreclosures and homeowners renting out unsold homes, said Susan Melton, broker and president at Assured Management.
The average rent for single-family properties in the metro area fell to $1,041 in the third quarter, from $1,060 in the same period of 2009.
“I feel a great sense of concern,” said Gordon Von Stroh, a University of Denver professor who authored the survey. “They (rental owners) don’t see the residents doing better in life, economically.”
Real income, specifically in the metro area, decreased, he said.
Von Stroh said factors playing into the demand for single-family rentals include:
• More families in foreclosure are moving out of apartments and into rental homes.
• There is an influx of recent high school graduates entering the market, some as young couples needing housing.
• Right now, there is less rush from existing renters to purchase a home.
Rita Wold: 303-954-1488 or rwold@denverpost.com
