Vacancy rate up in Loveland, Greeley, down in Fort Collins

The apartment vacancy rate in Greeley shot up in the fourth quarter of 2013, the result of new construction and turnover, rose slightly in Loveland and declined in Fort Collins, according to data released today by the Colorado Division of Housing.

In Greeley, vacancies jumped from 1.3 percent in the third quarter of 2013 to 6.3 percent in the fourth quarter. In spite of that increase, average rent in the area rose from $728 per month to $756, according to the Division of Housing’s data.

“After three quarters of solid rent growth, turnover has led to some higher vacancy rates in Greeley, but for the most part, vacancy rates remain low and more or less where they were about a year ago and they’re near ten-year lows in many cases.´ said Ryan McMaken, an economist with the Division of Housing in a statement.

Loveland also saw an increase in vacancy rates at the end of 2013, but much more slight than that experienced in Greeley. In the fourth quarter, the vacancy rate was 2.7 percent, up from 2.4 percent in the third quarter. Rents in Loveland remained mostly unchanged at $985 per month.

Fort Collins saw its vacancy rate drop even lower in the fourth quarter after falling by more than half in the third quarter. Fourth-quarter vacancy rates were 2.1 percent, compared with 2.8 percent in the third quarter. The vacancy rate was above 5 percent in the first half of 2013 in Fort Collins.

Fort Collins average rent remained the highest in Northern Colorado at $995 per month, but fell from $1,055 per month in the second quarter.

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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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