Average rent in Fort Collins rises above $1,000

Average rent in Fort Collins has surpassed $1,000 per month, according to first-quarter data from  the Colorado Division of Housing.

The average rent was $1,010 in the period studied, with the highest prices found in the south part of town. Northeast Fort Collins is the most affordable part of town, with average rent of $924 in the first quarter.

Rents have been driven up by declining vacancy rates as more and more people turn to renting instead of purchasing a home.

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Year-over-year in the first quarter, the vacancy rate in Fort Collins decreased from 4 percent to 3 percent.

Historically, the rate has bounced back up in the second quarter of the year as Colorado State University students leave for summer vacation.

In Greeley, rents are also increasing, but remain significantly lower than those in Fort Collins.

Average rent in Greeley is $688, and the vacancy rate was 5.8 percent in the first quarter, up from 3.8 in the first quarter of 2011.

In the third quarter of 2011, Greeley’s vacancy rate bottomed out at 1.8 percent, the lowest rate in the state at the time.