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Monday, May 23, 2011

Real Estate News May 13

Following the Blogger outage and deletion of recent posts, today's news digest will contain links form the past two days:

Vacancy rates drop (Coloradoan)
"Average rents continue to move up at the level that you would expect," Stroh said. "The foundations are in place in such a way that the question is how much rent growth and how tight, rather than will vacancies go up again."

Carrie Gillis with the Northern Colorado rental housing association and property manager at New Colony Apartments and Somerset Apartments, said the rental market has been consistent since Thanksgiving. There has not been a surge in the market as CSU students get ready to leave for the summer, she said.

Colorado apartment vacancies drop, rents soar in Q1 outside Denver (DBJ)
Landlords across Colorado are smiling as apartment vacancies continue to drop and rents rise in cities outside metro Denver, according to the latest report from the Colorado Division of Housing released Thursday.

Demand for rentals surges in Colorado (Denver Post)
The demand for rental apartments skyrocketed across Colorado during the first quarter as fewer people sought to buy homes, the Colorado Division of Housing said Thursday.
Apartment-vacancy rates fell and rents rose during the first quarter, reflecting the increased demand and the ability of apartment owners to raise rents.

Early 2011 vacancy rate 6.3 percent in Grand Junction (Grand Junction Daily Sentinel)
Grand Junction’s rental housing vacancy rate fell to 6.3 percent in the first quarter of 2011, indicating the local rental market is getting healthier.

The decline marks the fifth consecutive quarter-to-quarter drop since the local vacancy rate hit a recession-era high of 13.2 percent in the fourth quarter of 2009. The 6.3 percent rate marks a 45 percent drop compared to the same quarter in 2010, according to a Colorado Division of Housing vacancy report released Thursday. It’s also close to the 5 percent vacancy rate considered healthy in any market, according to survey researcher Gordon Von Stroh.

Less apartments available in GJ (NBC11 in GJ)
GRAND JUNCTION, Colo. (KKCO) - New numbers show that the vacancy rate in Grand Junction has taken a staggering drop since this time last year. That's according to the Colorado Division of Housing. This time last year, Grand Junction had a vacancy rate 45 percent higher than it is now, at 6.3 percent. Realtors say 5 percent is a healthy vacancy rate for both renters and landlords.

State rental vacancy rates declining(BCBR)
DENVER - The vacancy rate for rental apartments in Colorado continues to decline, and rental rates continue to climb, according to a report released Thursday by the Colorado Division of Housing.

The combined statewide vacancy rate fell 16.6 percent year-over-year, from 6.6 percent in the first quarter of 2010 to 5.5 percent in the first quarter of 2011.

Surging demand for rental housing in Colorado(Housing Wire)
"The effect of less home buying combined with continued local population growth has been a lot of demand for rental housing," said Ryan McMaken, a spokesman with the Division of Housing. "As a result we’re now looking at some of the most solid rent growth since 2008 before the recession hit."

Demand for apartment rentals skyrockets in Colorado (Denver Post)
From the first quarter of 2010 to the first quarter of 2011, average rents increased in Colorado Springs, Fort Collins-Loveland and Pueblo. The average rent fell nearly one percent in Grand Junction, and average rent in Greeley was flat.
Rents grew most in the Fort Collins-Loveland area where the average rent increased 7.5 percent year-over-year from $837 to $901 during the first quarter. The average rent grew 3.8 percent in the Colorado Springs area and 4.2 percent in Pueblo

Garfield County sees property values fall by as much as 30 percent
GLENWOOD SPRINGS, Colorado — The values of most of the roughly 25,000 properties in Garfield County have fallen by as much as 30 percent compared to previous years' values, according to Assessor Jim Yellico, who sent out notices of valuation to property owners at the end of April.

Wells Selling Colorado Asset for $9.15M
A joint venture partnership between Wells Real Estate Fund IX, L.P., Wells Real Estate Fund X, L.P., Wells Real Estate Fund XI, L.P., and Piedmont Operating Partnership, LP, has entered into an agreement to sell a three-story, multi-tenant office building containing 52,000 rentable square feet in Broomfield, Colorado, the 360 Interlocken Building, to Pacifica Real Estate Group, LLC.

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