Apartment Vacancy Rate Falls in Colorado – Rent Increases
Rent is up in Fort Collins, Loveland and Greeley and apartments might be more difficult to find, according to the Northern Colorado Business Report.
Vacancy rates for apartments fell to 5.2 percent during the second quarter of 2011 to the lowest rate recorded since 2001, according to a report by the Colorado Division of Housing.
The report said the combined vacancy rate for apartments across all of Colorado’s metropolitan areas fell to 5.2 percent during the quarter compared to 6.2 percent for the same quarter in 2010. The rate had been 5.5 percent for the first quarter of this year.The largest increase in average rent was in Loveland, where it increased 11.7 percent over last year.
The average rent in Fort Collins-Loveland was $882 while the average rent in Greeley was $649, according to the report.