The state just released their Q4 2010 vacancy and rent report. As expected, with the low construction and much higher than average job market in Northern Colorado, vacancies all but vanished and rents continued their rise. Fort Collins and Loveland led the way, but Greeley showed nice signs of a strong and recovering market.
A couple of interesting quotes from Ryan McMaken from the Colorado Division of Housing:
“Vacancies continue to go down, and it’s not totally a function of employment,” McMaken said. “What’s driving things now is household formation and lack of construction in multifamily.”
“The net affect is rents are higher than ever anticipated, close to $1.80 per square foot. You don’t find that anywhere unless you go to downtown Denver,” he said calling Fort Collins/Loveland one of the hottest markets in Colorado and perhaps the nation.
“It’s not surprising that Fort Collins, which has one of the strongest job markets, also has some of the lowest vacancy rates,” said Ryan McMaken, a spokesman for the Division of Housing.
Read more at Coloradoan and the Tribune
If you are interested in more about the Northern Colorado Apartment Market, please contact us at 970-372-0737 or mannlein@realtec.com