Rental market for houses, condos tight

DENVER – Renters looking for houses or condos had better look outside Boulder County, according to a report released Tuesday by the Colorado Division of Housing.

The metro Denver vacancy rate for rentable condos, single-family homes and other small properties fell to a new low of 1.4 percent during the first quarter of 2011.

The vacancy rate in Boulder and Broomfield counties is 0 percent. While there are some vacancies in the counties, none of the 115 units owned by property owners who responded to the survey were available.

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The vacancy rate in Boulder and Broomfield counties also was 0 percent in the fourth quarter of 2010. The metro Denver rate for that quarter was 2 percent.

The average rent for a single-family home in Boulder is $1,535.24, which is the highest in the metro Denver area. The area average is $1,039.98.

While demand is tight, rents are not growing very fast, Division of Housing spokesman Ryan McMaken said.

“Although the demand for units is very strong, it has been difficult for owners to push rents in many cases,” McMaken said. “This is partly due to the fact that new inventory continues to come in the form of foreclosed homes bought up by investors and via owners who opt to rent out their homes instead of selling them in the present market. Present trends point toward more solid rent increases in the future, however.”

The average number of days a single-family rental stays on the market fell to 29.7 days in the first quarter of 2011, down from 38.2 days in the prior quarter and 45.1 days in the first quarter of 2010.