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Apartment vacancy rate stands at 8.7 percent for the state

By John Rebchook, Rocky Mountain News (Contact)

Published August 21, 2008 at 9:41 a.m.
Updated August 21, 2008 at 9:41 a.m.

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The overall Colorado apartment vacancy rate in Colorado was 8.7 percent in the second quarter, according to a report released Thursday by the Colorado Division of Housing.

That is slightly higher than the 8.6 percent vacancy rate reported in December, the last time the report was completed by University of Denver business professor Gordon Von Stroh. In addition to the housing division, the report is sponsored by Pierce-Eislen, an apartment research company.

The vacancy rate, which tracked five major metropolitan areas, shows the vacancy rate is all over the map.

In Colorado Springs it stood at 10.2 percent, while it was only 1.6 percent in Grand Junction. Other cities: Fort Collins/Loveland, 8.9 percent; Greeley, 6.1 percent; and Pueblo, 6.4 percent.

In order to save costs, the survey does not include small markets such as Alamosa, Aspen, Buena Vista, Canon City, Salida, Steamboat Springs, Southwestern Colorado, Sterling and Summit County. However, the composite vacancy rate of 8.7 percent does include the Denver area, which was tracked separately by Von Stroh and had an overall vacancy rate of 6.2 percent

The average monthly rent ranged from $523.83 in Pueblo, or 74 cents per square foot, to $835.55 in Fort Collins/Loveland,or $1.03 per square foot.

The average monthly rent in Colorado Springs was $706.51; $624.75 in Glenwood Springs and $630.30 in Greeley.

The median, or middle rent, was $674.87 in Colorado Springs; $804.32 in Fort Collins/Loveland; $647 in Glenwood Springs; and $499.05 in Pueblo.