The news over the past several years has continued to focus on the real estate market and Colorado news is no different.
The economy has many home owners and potentially home buyers thinking carefully whether or not they can or want to buy a home at this time.
It should be no surprise then that in Colorado rents are rising and vacancies are falling. John Rebchook reported this in a recent article.
He and the experts in his article discuss the falling vacancies are influenced by a multitude of factors, from local real estate to the local economy including employment. A few considerations include,
- The expiration of the tax credit and many first time home buyers being hesitant to buy or unable to qualify for a loan.
- Many young people moving to Colorado, where more jobs are perceived to be available.
He also reported the vacancy rates and average rents throughout the Denver metro and Front Range, in a separate article, including:
2011’s first quarter vacancy rates by county were :
- Adams, 5.6 percent.
- Arapahoe, 6.4 percent.
- Boulder/Broomfield, 4.9 percent.
- Denver, 4.8 percent.
- Douglas, 5.3 percent.
- Jefferson, 4.7 percent.
Median rents for all counties were:
- Adams, $871.
- Arapahoe, $825.
- Boulder/Broomfield, $961.
- Denver, $818.
- Douglas, $1061.
- Jefferson, $828.
Currently the prices for renting are still less than buying. There could be a shift in vacancies when more first time buyers choose to buy when it makes more economic sense in comparison with buying.
Trying to consider if buying a home in Colorado makes sense for you? 8z Real Estate has Colorado real estate brokers who can focus you property search for homes that meet your criteria and budget. Or are you wanting to own Colorado real estate investment property? We have brokers with experience in investment properties from Fort Collins, Boulder, Denver, and Colorado Springs.
