DENVER – The apartment vacancy rate in Fort Collins shrunk to a seven-year low during the last half of 2008, while the rates in Greeley and Loveland crept upward during the final quarter of the year.
The tight rental market in Fort Collins is reflected in the 4.2 percent vacancy rate posted during the third and fourth quarters, the lowest since 2001 and a steep decline from the record 14 percent rate in 2004.
Greeley’s vacancy rate rose to 8.1 percent during the final quarter of 2008, a point higher than the rate a year earlier, while Loveland’s was up just slightly, from 5.6 percent to 6.1 percent.
The average monthly rent in the Fort Collins-Loveland combined market rose to $810 at the end of 2008 from $760 a year earlier. Greeley’s rents were flat for the year, with landlords charging an average of $629 last quarter compared to $631 a year earlier.
The state’s lowest vacancy rate and highest rents at the end of 2008 were in Aspen. The ski town’s vacancy rate was 2.1 percent and the average rent was $1,150. Statewide, the vacancy rate stood at 8 percent at the end of the year.
“The trend in recent quarters has been toward rising vacancies due to softness in the housing market and in the overall economy,” Colorado Housing Division Director Kathi Williams said in a statement accompanying the release. “Looking at the nation as a whole, Colorado is certainly one of the stronger multifamily markets, but we’re not immune from the national economy.”
The state housing division issues the quarterly vacancy and rent survey as a service to the multifamily housing industry. The survey is compiled by University of Denver professor and consultant Gordon Von Stroh.