Meanwhile, vacancy rates statewide fell to an average of 4.9 percent in the six metro areas tracked by the report. That rate is the lowest statewide average since 2001, when a 4.3 percent rate was logged in the first quarter. Vacancy rates below 5 percent are considered a tight market.
“We’re now seeing signs of the kind of general rent growth across all metros that we haven’t seen since 2008,” Ryan McMaken, spokesman with the Colorado Division of Housing, said in a statement. “Limited supply is an issue. New units are on the way, but there’s a lag on that, and some metros aren’t seeing much new construction at all.”