The combined vacancy rate for apartments in six metro areas across Colorado was 4.9 percent during the second quarter of 2012, down from the second quarter of 2011, when the vacancy rate was 5.2 percent.
According to a report released Thursday by the Colorado Division of Housing, the combined vacancy rate fell to the lowest level recorded since the first quarter of 2001.
As vacancy rates declined, the statewide average rent in Colorado increased 7.4 percent from 2011’s second quarter to 2012’s second quarter, rising from $877 to an all-time high of $942.
Across the state, growth in average rents varied considerably, although all metro areas reported year-over-year increases.
The average rent in the Colorado Springs area increased 1.8 percent year-over-year, while the average rent in the Fort Collins/Loveland area rose 12.8 percent.
“We’re now seeing signs of the kind of general rent growth across all metro (areas) that we haven’t seen since 2008,” said Ryan McMaken, spokesman for the Colorado Division of Housing.
“Limited supply is an issue. New units are on the way, but there’s a lag on that, and some metros aren’t seeing much new construction.”
