Colorado apartment vacancies, rents up in Q1 outside Denver - Denver Business Journal:

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The statewide vacancy rate roseto 8.5 perceny from 6.1 percent in the year-prior “Strong vacancy rates correlate pretty strongl y to unemployment rates,” said Gordonh Von Stroh, business professor at the and authorr of the housing division The average monthly rental rate for Colorado apartments went up to $844.3 9 in the first quarter from $823.01 in the year-priore period. Median average rent increased to $796.13 from $784.22 year over Median rent is the midpoint betwee highest and lowestrental rates, and is considered by many real expertz a truer measure than average because it’sx not skewed by highest and lowest rents.
Thered also continues to be little new apartmentconstruction statewide, and that trend is expectedr to continue largely because of the lack of construction lendinfg for apartments, according to the report. The housingt division’s statewide apartment market data doesn’t include metrpo Denver, which had its own report in late One surprise in the first quarted was the relatively strong performances of the Fort Collins apartment with its drop in vacancy and increase in Driven by the growth of as well as increasesz in hospital and renewableenergy jobs, Fort Collins/Loveland area apartment vacancies dropped to 4.4 percent from 5.2 percent in 2008’s first period.
Average apartment rents in theFort Collins/Lovelanxd area jumped by roughly $100 a monthg to $860.81 from $760.21. Median rent in the Fort Collines area increasedto $797.49 from $737.26 year over “Fort Collins has been in the doldrums so said Von Stroh, explaining the extreme shiftr in the city’s apartment market in the first quarter. “They’rde playing catch-up.” “When you’ve got job growtuh in the Fort Loveland andGreeley area, Fort Collin is usually where people go to said Terrance Hunt, principal at of Denver. ARA, which is affiliatedf with the FrederickRoss Co.
commercial real estater brokerage firm, is one of the apartment market report’s sponsors. Apartment marketg research providerof Scottsdale, also sponsors the report. Most metropolita n areas along the Front Range reported increased apartment with Colorado Springs leading the wayat 11.7 Pueblo vacancies rose to 7.4 and Greeley vacancies increasedc to 8.4 percent. Mountain markets saw vacancuy extremes. Buena Vista reported a 16.7 percenrt apartment vacancy rate, and Alamosa had a 12.9 percentt vacancy rate. Other mountain communities had vacancies of less than 3 including GlenwoodSprings (1.5 Eagle County (2.1 percent) and Summit Counth (2.7 percent).
Average rents were mostly flat or down in citieds suchas Alamosa, Aspen, Cañon City, Colorad Springs, Loveland, Montrose, Pueblo and Sterling. Grand Junction reportedd a significant increase in average rentto $680.35 from $648.57 year over year.