Colorado Sees Record High Third Quarter Rents

Colorado saw record high rents and falling vacancy rates in the third financial quarter, according to the Multi-Family Housing Vacancy & Rental Survey released Thursday by the Colorado Division of Housing.

The statewide median rent rose to a record $824.50, from last years $789.46. In the Denver metro area, the median rent rose to $856.64 from $817.09 the year before. Median rents rose in all Front Range metro areas except Pueblo, which experienced no change. Median rents fell slightly in Grand Junction and several Western Slope and mountain regions. Eagle County and Aspen had the highest average monthly rents in the state, with Eagle County at $1,120.29 and Aspen at $1,052.20. On the other end of the spectrum, some of the most affordable rents could be found in Sterling ($322.46) and Northwest Pueblo ($428).

Meanwhile, the statewide vacancy rate fell to 5.5 percent in the third quarter, down from 7.4 percent in the same period a year ago. This marked the lowest vacancy rates since they sank to 4.3 percent in the first quarter of 2001.

Metro Denver had a 5.3 percent vacancy rate for the third quarter, compared to 7.4 percent for the prior-year period. Fort Collins had the lowest vacancy rate in the state, at 2.8 percent.

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