“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.