The Boulder and Denver metro area is a place where people want to be. According to a recent report from Fox31, in spite of a dramatic increase in the number of rental units being constructed in the past couple of years, rentals are hard to find and rents are increasing.
Between 2008 and 2012, only 2,700 apartment rental units were constructed in the Boulder and Denver metro area, the report stated. However, last year saw the construction of 7,800 apartment units and another 9,000 apartment are expected to be built this year. This has placed Denver metro on the list of the top ten markets showing the strongest growth of apartment inventory.
Colorado Daily reported in June that rents were 8 percent higher in the first quarter of 2014, as compared to the first quarter of 2013. They were 3.4 percent higher than the fourth quarter of 2013. The vacancy rate in May in Denver was 5.1 percent, slightly below the statewide average of 5.2 percent. Vacancy rates were even lower in other areas in the region such as Boulder and Broomfield, with the vacancy rate in the Ft. Collins/ Loveland market at 1.7 percent, the article stated.
It isn’t just apartment rentals that are hard to find, according to the Fox 31 report. Single-family homes are also selling quickly in the metro area, sometimes even before the foundation has been poured. Buyers were cautioned to do their research before beginning their search, to be prepared to put in an offer quickly on the property they like, and to even be prepared for bidding wars.
If you’re looking for a house, apartment rental, or condo to rent or are even considering buying a home or investment property in the metro area, let Housing Helpers assist you. We’ve been in the business for decades and we know the area and the properties that are available extremely well. We believe in giving you options and exploring all of the possible solutions in order to connect you with the place that is right for you.