3.9% Vacancy Rate In Denver Metro Area
Denver metro apartment vacancies dropped to 3.9 percent in the third quarter which is the second-lowest recorded rate in Denver’s history, while the Westin hotel chain is planning to build the first 5-star hotel in Greenwood Village/Tech Center area of South metro Denver.
With this low vacancy rate, the high demand for housing, and the expanding economy in Denver it’s a good time to own rental property.
Finding a place to lease was tougher only during the third quarter of 2000, when the information-technology boom made Denver one of the top places to live in the U.S. and the vacancy rate dropped to 3.7 percent, according to Patty Silverstein, chief economist for the Metro Denver Economic Development Corp.
If you currently own rental properties or are planning on buying make sure they’re being managing at their peak potential. The best way to do this is to hire a good property management company with the right experience.
Apartment rents averaged $762 in the third quarter of 2000, compared with $1,145 during the third quarter of 2014, and up from $1,117 in the second quarter and $1,073 in the first, according to figures released last Friday in the Denver Metro Area Apartment Vacancy and Rent Survey.
“Even in the face of construction workforce shortages, apartment communities continue to sprout up across the metro area,” said Mark Williams, executive director of the Apartment Association of Metro Denver. “However, it’s still hard to keep up with demand, which is growing at least as quickly.”
With high rents in the Denver metro areas there is a high demand for the older, lower cost apartments in the more desirable neighborhoods.
In the single family home market the inventory of homes for sale in metro Denver was down 10 percent in October from September and down 23 percent compared with October 2013 according to Metrolist. This equates to 8,041 homes for sale, down from 10,376 homes in October 2013.
However, after two consecutive months of decreases, October still showed an increase in the average sale price for single-family homes.
The average price in October 2014 was $323,750, up 1 percent from September and up 7 percent year over year from $303,328 in October 2013, according to Metrolist.
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