Tuesday, October 30, 2012

October 30, 2012 clippings

Denver Post: Denver metro apartment vacancies fall; rents rise

Ryan McMaken, spokesman for the Colorado Division of Housing, said that a big factor for the low vacancy rate is that apartment construction hasn't kept up with demand. Earlier in the decade people were leaving apartments because they thought they could afford a home. As a result, demand for apartments decreased and little apartment construction happened.
Now, said McMaken, apartments are being built, but still not nearly enough to keep up with household formations among young people along with migration into the city.
Through Sept. 10 of this year, 1,644 apartment units have been added to the market. That compares to 1,146 in all of 2011 and just 498 in 2010.
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McMaken said that the lowest vacancy rates recorded in the past 30 years were 3.6 percent in both the third quarter of 1982 and the third quarter of 1994 .
 Boulder County Business Report: Apartment vacancy rate low, rents high
"The average rent has grown year over year in every quarter for the past two and a half years, and it has recently begun to accelerate." Colorado Division of Housing spokesman Ryan McMaken said in the release. "The rent growth we're now seeing is starting to look like what we experienced in the days of the dot-com boom."

Denver Business Journal: Denver apartment vacancy rate hits 12-year low
“The average rent has grown year over year in every quarter for the past two and a half years, and it has recently begun to accelerate,” Ryan McMaken, Division of Housing spokesman, said in a statement. “The rent growth we’re now seeing is starting to look like what we experienced in the days of the dot-com boom.”