Thursday, August 30, 2012

The DBJ on rents, August 2012

The DBJ on rents:

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.”

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.

Colorado Daily, August 7

The Colorado Daily did a nice piece on rental in Boulder recently:

Ryan McMaken, of the Colorado Division of Housing, said a survey taken on June 10 revealed a zero vacancy rate for properties in Boulder's campus area -- including rentals between Pearl Street and Baseline running north and south; and Pleasant View Road and Fourth Street going east and west.

"It's pretty rare to see something this low," McMaken said, noting that  Boulder has not had a vacancy rate of zero since at least 1994. 

My 4:40 AM interview with 9News

I did an interview around 5:30 this year with 9News, but this one was the earliest yet: 4:40 AM. When it's that early, they let you do it by phone.

Fortunately, they re-use the footage later because, well, who is up watching the news at this hour?