Rental rates in Boulder Valley hit record

BOULDER – Residential rental rates in Boulder and Broomfield counties have hit an all-time high.

The counties are those in the Denver metro area that continue to have the lowest vacancy rates and the highest rents per square foot, according to the latest Denver Metro Apartment Vacancy and Rent Survey, released Monday by the Apartment Association of Metro Denver and the Colorado Division of Housing.

The first-quarter vacancy rate in the combined Boulder-Broomfield market was 3.2 percent, according to the report, and the average monthly rent was $1,150.02.

The first-quarter vacancy rate dropped from 3.7 percent in fourth-quarter 2012, according to a Colorado Division of Housing press release.

Rental rates increased during the quarter. Boulder/Broomfield is the Denver metro area’s most expensive market based on rent per square foot, which is $1.33. Only in Douglas County is the average monthly rent higher, at $1,186.34.

The metro area vacancy rate was 4.6 percent in first-quarter 2013, down from 4.9 percent in first-quarter 2012. It was the second-lowest vacancy rate in any quarter since first-quarter 2001, according to the survey.

The average rent across the metro area increased to $992 in the first quarter, increasing 4.2 percent from 2012’s first-quarter average rent of $952.

In local submarkets, Broomfield had a 4.5 percent vacancy rate and an average rent of $1,173. The university area of Boulder had a 0.3 percent vacancy rate, with an average rent of $966.90. The rest of Boulder reported a 1.4 percent vacancy rate, with an average rent of $1,207.25.

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