Vacancies in rental houses, condos at 6-year low in Denver metro

Wednesday, September 19th, 2007

It’s a great time to be a landlord.  Sad as it is, all of those empty foreclosures used to provide shelter for people that still need a place to live, and, in most cases, they are now renting.  In addition, with the Mortgage Crisis at full tilt, it’s pretty difficult to get a loan if you don’t have a decent down payment, a fully documented income, and good credit.

So, what’s the bright side?  Those with rental properties are golden.  They are able to charge more for rent for the first time in several years, and they are keeping tenants for longer terms.  In addition, they are able to pick up new investment properties while prices are low. 

“The overall vacancy rate for-rent single-family homes, condos and other non-apartment unit properties in metro Denver dropped to a six-year low of 4 percent during the second quarter, a state report released today shows.

The vacancy rate fell from 7.1 percent in the second quarter of 2006 and from 4.2 percent in the first quarter.

The second quarter’s vacancy and rent study of small rental properties was authored by University of Denver business professor Gordon Von Stroh for the Colorado Division of Housing.

The report shows that vacancies in properties such as for-rent townhomes, duplexes, and single-family homes are at their lowest levels since the survey was launched in 2001.

All counties reported lower vacancies during the second quarter of 2007 as compared to the second quarter of last year. ..”

  Read the rest of the article in today’s Rocky Mountain News.

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