Multifamily occupancies, rents generally up
Published March 19, 2008 by CSBJ Staff
The Colorado Division of Housing reported this week that overall occupancies fell in the fourth quarter and rents generally increased.
Colorado Springs showed a 10.8 percent vacancy rate, one of the highest in the state, the result of increased troop deployments in fourth quarter. Analysts see the fluctuation as typical of the last few years and likely to continue in the near term. Once the soldiers return, however, multifamily units could be absorbed very quickly said Ken Greene, vice president of Apartment Realty Advisors.
Statewide, apartment vacancies declined to 8.6 percent from 10.4 percent year-over-year through December 2007.
The Colorado Multi-Family Housing Vacancy & Rental Survey is underwritten and sponsored by the housing division, Apartment Realty Advisors, Scottsdale, Ariz.-based Pierce-Eislen Inc. apartment market research company and Countrywide Commercial Real Estate Finance Inc. in Greenwood Village.
Average monthly rent for the five markets included in last year’s fourth quarter survey increased to $635.32 from $624.03 from a year earlier. Markets included were Colorado Springs, Fort Collins/Loveland, Grand Junction, Greeley and Pueblo.
Filed under CSBJ Daily, Housing Market