Colorado apartment vacancies up in Q3
Denver Business Journal
Apartment vacancies across Colorado increased in the third quarter and average rents fell or were flat, largely because statewide unemployment is up year over year, according to a report by the state Division of Housing.
Vacancies across Colorado rose to 7.4 percent in the last quarter from 6.6 percent in the same period last year.
Metro Denver also reported a 7.4 percent apartment vacancy rate, in its own housing division survey released Nov. 4. The metro area's vacancy rate was up from 6.5 percent for last year?s third period.
Statewide average apartment rent for the quarter was $842 per month, down from $852 year over year. Rents ranged from a low, on average, of $346 a month in Sterling to a high of $1,091 in Eagle County, according to the report.
"Although unemployment in Colorado fell in recent months, unemployment is still up when compared to last year," Gordon Von Stroh, author of the apartment report and business professor at the University of Denver, said in a statement. more>
