Apartments in short supply across region
Last Updated: 16:23 October 24, 2013
The rate was down from 3.8 percent in the second quarter of this year and just a shade below the rate of 2.9 percent for the third quarter of 2012. The numbers are according to a report released Thursday by the Apartment Association of Metro Denver and the Colorado Division of Housing.
The local decrease came even as the vacancy rate for the Denver metro area as a whole increased from 4.2 percent in the second quarter to 4.4 percent.
Broken down locally, the city of Boulder's rate, aside from the University of Colorado-Boulder area, is 1 percent. The CU area's rate is 2 percent. In Longmont the rate is 2.6 percent. In Broomfield it's 3.3 percent. And in the rest of Boulder County it's 3.4 percent.
Average monthly rent for Boulder and Broomfield counties remained steady from the second quarter at $1,194, second only to Douglas County at $1,235. Average rent for the entire metro area rose in the third quarter to $1,048, up 6.3 percent from the same time period a year ago. However, renters could start seeing relief soon.
"We could see as many as 10,000 new units delivered in 2014 across 25 different submarkets in the metro area," Mark Williams, executive vice president of the Apartment Association, said in a press release. "With over 17,000 units under construction and an additional 20,000 being considered, current levels of rent growth won't continue if most of those units are delivered."
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