“We know that vacancy in single family rentals is very, very low, two percent or so. Vacancy in apartments is about 4.3 percent. Those are very low levels,” said McMaken.
That is one factor putting pressure on housing demand. Another is cost. “Colorado is consistently in the top three of the places college grads say they want to move. People are moving here. They’re staying here. Because where else are they going to go?” said McMaken.
DENVER — This year in Denver, more than three thousand building permits have been issued to developers putting up apartment buildings, which in turn means there are thousands of construction jobs which need to be filled by skilled workers.
“Construction jobs didn’t bounce back after the initial drop off following the financial crisis, we had just seen a long steady decline that happened from 2007 really until very recently when we started to see construction jobs tick back up,” said state housing expert, Ryan McMaken. “But if job growth were really good, we’d probably be seeing far more demand that we’re seeing now.”