Vacancy rate falls below 3% in Fort Collins, Loveland

Multi-family vacancy rates have fallen even lower in Fort Collins and Loveland and remain just above 3 percent in Greeley.

The latest data from the Colorado Division of Housing shows that the vacancy rate in the Fort Collins-Loveland market area fell to 2.1 percent in the third quarter, compared with 2.3 percent a year ago, and 3.5 percent in the previous quarter.

Separately, both Fort Collins and Loveland showed vacancy rates of 2.1 percent.

Fort Collins is broken down into submarkets in the report, showing the area with the lowest vacancy rate is the northwest part of town, with only 0.4 percent vacancy.

The northwest area of Fort Collins is home to the most CSU students.

The part of Fort Collins with the most space is the southeast area, with 2.9 percent vacancy.

In Greeley, the vacancy rate was 3.1 percent in the third quarter, down from the previous quarter’s rate of 5.4 percent. Year-over-year, the rate was up from an area all-time low of 1.8 percent.

These decreases sent rents up yet again, with the average rent in Fort Collins remaining above the $1,000 per month mark for the third month straight.

Fort Collins’ average rent was $1,042, while Loveland’s was $944 and Greeley’s was $693 per month, the highest it has been in five years.

Northern Colorado’s vacancy rates are among the lowest in the state.

In Aspen, the vacancy rate sat at 0.5 percent in the third quarter. The average rental rate in Aspen is still lower than that of Fort Collins, at $1,032 per month.

Other parts of the state, such as Gunnison and Pueblo, have double-digit vacancy rates, at 11.7 percent and 15.8 percent, respectively.

Molly Armbrister covers real estate, banking and health care for the Northern Colorado Business Report. She can be reached at 970-232-3139, marmbrister@ncbr.com or twitter.com/MArmbristerNCBR

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