Rental home vacancy rate rises to 4.2%
By John Rebchook, Rocky Mountain News (Contact)
Published September 24, 2008 at 7:18 p.m.
Vacancies in rental homes and other small properties in the Denver area rose slightly to 4.2 percent in the second quarter from 4 percent a year earlier, ending seven consecutive quarters of falling vacancies, according to a report released Tuesday by the Colorado Division of Housing. However, the average monthly rental rate rose 5 percent to $993.61 in the second quarter from $946.07 in the second quarter of 2007.
A separate report by the housing division showed that statewide vacancies in subsidized and rent-restricted housing rose to 6.1 percent in the second quarter from 4.7 percent during the same period last year.
Both reports were prepared by Gordon Von Stroh, a business professor at the University of Denver.
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September 25, 2008
1:03 p.m.
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WarrenJimmyBuffett writes:
Higher rental rates are great when people pay them. However, when tenants can no longer afford them, stop paying, and trash the property, net rental rates fall precipitously. I suspect that over the next few years net rental rates as well as gross rental rates will fall as jobs disappear in a severe recession/possible depression.