Demand for rentals surges in Colorado
The demand for rental apartments skyrocketed across Colorado during the first quarter as fewer people sought to buy homes, the Colorado Division of Housing said Thursday.
Apartment-vacancy rates fell and rents rose during the first quarter, reflecting the increased demand and the ability of apartment owners to raise rents.
The combined statewide vacancy rate, which includes vacancies from all survey areas and metro Denver, fell to 5.5 percent from 6.6 percent a year ago. The largest drop in the vacancy rate was in Grand Junction, which fell to 6.3 percent from 11.6 percent a year ago.
The vacancy rates in Greeley and Colorado Springs are at nine-year lows.
The metro Denver vacancy rate, which was measured earlier this month in a separate survey, also fell to 5.5 percent from 6.5 percent a year ago.
During the same period, average rents increased in Colorado Springs, Fort Collins-Loveland and Pueblo. The average rent fell nearly 1 percent in Grand Junction, and average rent in Greeley was flat.