The vacancy rate for affordable rental housing in Colorado fell to 5.9 percent in the fourth quarter of last year from 6.4 percent in the third quarter, as demand increases for subsidized housing, according to a report released by the Colorado Housing and Finance Authority and Colorado Division of Housing.
The increased demand resulted in higher rents for Coloradans residing in affordable rental housing. The statewide median rent during the fourth quarter was $682, a 3.5 percent increase over the third quarter.
The least expensive rents were available in buildings constructed before 1959 at $566 per month, and in buildings with nine to 50 units, at $605 per month.
The average rent per square foot was $0.88. Rental loss due to concessions and discounts for all affordable housing units statewide was 3.6 percent compared to 11.8 percent for the fourth quarter 2006.
The Boulder/Broomfield market area showed the least vacancy with only 2.1 percent of its rental housing available to affordable households. Consistent with the limited supply, the median rent in the Boulder/Broomfield market increased by $208, up from $582 in the third quarter to $790 in the fourth quarter.
Loveland experienced the most significant increase in the availability of affordable rental housing between the third and fourth quarters, rising from a 5.6 percent vacancy rate to a 10.6 percent vacancy rate.
Gordon Von Stroh, the author of the report and a University of Denver professor, said the change to the completion of a construction project which resulted in those construction workers occupying the affordable units leaving town. Von Stroh said at the demand for affordable housing will continue to grow in 2008.
Resource
A Colorado Rental Property Resource for both landlords and tenants can be found at http://www.coloradorentalproperty.net . Online land lords can post detailed information regarding their rental property, including 5 color photos. The ad can be self directed by the landlord to their cell phone or property management company. This is a service provided FREE by RealEstateColorado.Net and the ad will remain on line until it is asked to be removed.
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Jeffery McClintock is a real estate broker in Summit County and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.
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