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Multifamily Vacancies Rise Statewide

DENVER-Durango has a 0.9% vacancy rate, the lowest in the state. Colorado Springs' vacancy rate was 5.4%, highest since the first quarter of 1999. The average rent for the state rose 4.25% to $785.

By John Rebchook | Updated on November 07, 2001

DENVER-The average multifamily rental vacancy rate for Colorado, outside of the Denver metro area, rose to 4.5% at the end of September, up from 3.2% at the end of February, according to a survey by the Colorado Division of Housing. Gordon Von Stroh, a University of Denver Business Professor, conducts a statewide survey of apartments for the housing division twice a year.

The average rent for the state rose 4.25% to $785. The Colorado Multi-Family Housing Rental and Vacancy Survey tracks vacancies and rental costs for 21 housing markets outside of the Denver metro area. That means a renter needs an annual income of $31,500, or $15.15 per hour, to afford the average rent.

Both the ski resort communities of Aspen and Summit County showed vacancy rates of 4.4%, the highest since Von Stroh started the survey in 1995.

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