It’s never been more expensive to rent a home in Boulder or the Denver metro area, according to latest Denver Metro Apartment Vacancy and Rent Survey.
The county areas with the highest average rents in the first quarter of 2013 were Douglas County and the Boulder/Broomfield area, where the average rents were $1,186 and $1,150, respectively, according to the survey recently released by the Apartment Association of Metro Denver and the Colorado Division of Housing.
The average rent rose in all Denver-metro counties measured except Adams County, with the largest increases found the Boulder/Broomfield area and Douglas County, where the average rents grew year over year by 7.4 percent and 6.9 percent, respectively, according to a Colorado Division of Housing press release. Adams County reported the lowest average rent at $910.
The combined market of Boulder/Broomfield also had the lowest vacancy rate – 3.2 percent – in the Denver-metro area, down from 3.7 percent in the fourth quarter of 2012.
Boulder/Broomfield is also the Denver metro area’s most expensive market based on rent per square foot, which is $1.33.
Focusing on Boulder specifically, Boulder’s university area’s vacancy rate registered a minimal 0.3 percent while the average rent was $966.90. The remainder of Boulder’s vacancy rate dipped to 1.4 percent with an average rent of $1,207.25.
The Denver-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 press release.
The average rent across the metro area increased to $992 in the first quarter, up 4.2 percent from 2012’s first-quarter average rent of $952.
“Rent growth is solid, and even when adjusted for inflation, the average rent is almost to a nine-year high,” says Ryan McMaken, an economist with the Colorado Division of Housing.
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