Thursday, August 30, 2012

DP reports on the market effects of fires

The DP reports on the market effects of fires:

According to Ryan McMaken, Community relations director for the Colorado Division of Housing, many people displaced by the High Park and Waldo Canyon fires might soon be looking to snap up single-family rentals.

Although that expected surge probably won't affect the official vacancy rates for next quarter — the survey's sample size is so large, and single-family homes aren't taken into account when calculating rental-vacancy rates — McMaken said rental prices in areas close to where the homes burned will probably be driven up.

"I would assume, since most of them are losing their homes in a certain area, they're going to want to be near that in the process of rebuilding," McMaken said. "However, they might have a hard time locating a specific kind of property they need. If they have animals, that means there can be a small amount of properties in demand for the next year or 18 months.
"It's going to have an effect, but it's going to be limited and show up in a limited way in our larger metrowide numbers," McMaken added.