Apartment vacancy rates in Boulder and Broomfield counties are on the decline while the Denver Metro area’s rates have increased slightly. The Boulder County Business Report is stating that there is a year-over-year fourth quarter decrease in apartment vacancy rates in 2013 while the rate in the Denver Metro area has increase to a 2 year high according to the Colorado Division of Housing and the Apartment Association of Metro Denver. The reduction represents a year over year analysis. While on the whole the rate of apartment vacancy has increased a bit from the Boulder and Broomfield low rates of 2.8 percent in Q3 of 2013 we are still looking at an overall decrease.
Boulder: The city of Boulder, excluding the area around the University of Colorado, had a 3.8 percent vacancy rate in the fourth quarter. In the university area, Boulder’s rate dropped from 2.0 percent in the third quarter to 0.0 percent in the fourth.
Broomfield: Hundreds of new apartments are coming online in Broomfield. The city’s Q4 rate was 3.6 percent, up slightly over the third quarter but way down from the 6.2 percent rate it saw for the same period a year ago.
Longmont: Longmont’s rate inched up slightly from 2.7 percent at the end of 2012 to 3.3 percent for the most recent quarter.
Denver Metro: The Denver metro area’s rate hit 5.2 percent, its highest rate since hitting 5.4 percent for the fourth quarter of 2011.
Rental Rates: Rental rates in the metro area, however, kept rising. And Boulder and Broomfield counties were no exception. The average rent locally climbed to $1,198.13 per month, up from $1,194.19 in the third quarter and $1,103.61 a year ago.
Apartment vacancy rates are dropping making finding the perfect apartment, condo or house more difficult. If you are looking for a rental, 8z Rentals is ready to help you find your new space!
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