Denver Metro’s Tight Rental Market Leaving Many to Keep Looking
Colorado Housing Statistics, I-36 corridor No Comments »
If you found the perfect place but haven’t submitted your rental application, Boulder based 8z Rentals advises you to submit an application then and sign on the dotted line.
Denver metro vacancy rates are low, as frustration builds for those needing a place to rent soon.
The lowest vacancy rate reported in a Colorado Division of Housing report for second quarter 2012 was in Denver at 1.4%. Boulder/Broomfield counties were reported to have a higher vacancy rate of 2.6%, but also had the highest average rent of the five metro counties that include Adams, Arapahoe, Denver, Douglas and Jefferson. Average rents across the Denver metro area ranged from $1007 to $1570.
Even with a higher vacancy rate, renters in Boulder and Broomfield don’t have a lot of options. 8z Rentals office manager, Lindsey Wolters-Houtz said that you may drive through several neighborhoods in Broomfield and nearby communities along the Denver-Boulder corridor without seeing a for rent sign.
For renters who are moving for the first time in five or more years, it is a different rental environment. Gone are the days when you could tour a property, think about it for a few days, mail in an application, and get the property. 8z Rentals owner Forrest Noble said that clients who are touring rentals may be too late to get the property as sometimes multiple rental applications are submitted for a property before that client returns to fill out an application. Their advice at this time is to submit your application and application fees as soon as you find the place you want to live.
Noble explained that the reported vacancy rates now reflect the true vacancy rate. Five to ten years ago, when vacancy rates were much higher than they are now, many apartment managers and landlords used incentives like ‘first month free rent’ or a free flatscreen TV to drive up their occupancy rates. In the past vacancy rates would have been reported higher without such incentives. Without the move in incentives the rental rates reflect what renters are paying. In the same Division of Housing report average rent in Colorado increased 7.4% from Q2 of 2011 to Q2 of 2012 with Colorado renters paying an all-time high average rent.
8z Rentals staff said they would not be surprised if, when 2012’s third quarter data is released, the vacancy rate is lower than the second quarter 2012. In the meantime, if you see a for rent sign come up in the neighborhood you want to live, you may not want to wait to pick up the phone.
8z Rentals is headquartered in Boulder Colorado and provides leasing services, property management and resident services. Visit 8zRentals.com to learn more about their services and browse available rentals. The latest rental market news is shared on blog.8zrentals.com and facebook.com/8zrentals.







