Multifamily Rental Vacancies Drop Statewide

DENVER-The average multifamily rental vacancy rate in Colorado, outside of the Denver area, fell to 8.9% in the third quarter, down from 11.1% at the end of last September, according to the semi-annual Multi-Family Rental and Vacancy Survey released by the Colorado Division of Housing. The average statewide monthly rent, meanwhile, held steady from a year ago at $784.

To afford the state’s average rent, a household needs to earn $31,500 annually, the equivalent of $15.14 per hour. The survey, conducted by University of Denver Daniels School of Business professor Gordon Von Stroh, reports on vacancy and rental information for 22 housing markets outside metro Denver. The 22 markets are grouped into three categories: urban, resort and regional rural.

Because rents are not decreasing, according to Von Stroh, the need for affordable housing continues in many Colorado communities. Vacancy rates for some of the state’s smaller community continue to be very low. Salida, Gunnison, Alamosa, Montrose, Canyon City, Fort Morgan all have vacancy rates below 5%. And vacancies in Colorado Springs, Fort Collins, Greeley and Pueblo have decreased from the last report, conducted in February.