Thursday, July 26, 2012

Average Rents in Metro Denver

5280 Magazine: Rental rates continue to climb to all-time highs in both the Mile High City and in the surrounding suburbs, according to a report released this week by the Colorado Division of Housing and the Apartment Association of Metro Denver. The report paints a picture of a rental market where demand continues to outpace new construction. In fact, the vacancy rate for apartments in metro Denver hasn't risen since 2009, and, specifically in the city of Denver, vacancy rates for apartments haven't been this low since 2001. 
“You have to go back to the days of the dot-com boom to see lower vacancy rates than what we’re seeing right now, said Ryan McMaken, spokesman for the Colorado Division of Housing, in a prepared statement. “The demographics point toward growing demand, and even though developers are looking to build new units, not that many units have been delivered yet.” Here, a look at the numbers.
Average rent by county (keep in mind these averages include 1 bedroom apartments):
Adams: $906
Arapahoe: $956
Boulder/Broomfield: $1,091
Denver: $1,005
Douglas: $1,131
Jefferson: $919
Vacancy rates by county:
Adams: 4.9 percent
Arapahoe: 5.5 percent
Boulder/Broomfield: 3.6 percent
Denver: 4.8 percent
Douglas: 3.9 percent
Jefferson: 4.0 percent