The rental market continues to be in high demand. In the fourth quarter, the vacancy rate was only 2.1% – a quarter which is typically a harder time to fill vacancies. Due to these demands, rental prices are on the increase. The surge has been the result of
- Migration into Denver increasing
- People unable to purchase homes dues to finances, bankruptcies, foreclosures
- Due to the shrinkage in purchasing inventory, hopeful Home Buyers are having to rent for longer before they find their home.
The vacancy rate for detached houses was 1.6 percent, and it was 2.0 percent in rental townhouses.
Vacancy rates in the market
- Douglas and Jefferson counties 1.5% in both counties.
- Adams, 4.8 percent
- Arapahoe, 2.5 percent
- Denver, 2.1 percent.
The average rent in the Denver area for single-family and similar properties rose by 3.2 percent from 2010’s fourth-quarter average.
This is a great time to buying a time to rent out. Likewise, if you are currently renting, now might be the time to buy. On average, rents are looking to be higher than what you would pay for a mortgage. Interest rates are still low, and plus you get a place to call your own.
Contact me for if you are interested in becoming a landlord, or a home Buyers
source : Denver Post