The rental market is still very challenging. There are no accurate statistics on the rentals of single family homes in the area. We track the market by the number of rentals advertised. The chart above shows the steep change in the number of rentals advertised this year compared to last year. There are still people looking to rent but it is a 'renter's market.' Tenants are able to select a particular area in which to live and still find multiple rentals available in that area. Those properties close to CU and to downtown are holding rents higher than outlying areas but rents overall are down significantly.
Many of the landlords and property managers are still unsure when this will turn around. CU is still working to finish their new apartments just off 30th & Baseline at the Williams Village complex. They are still planning for a total of about 1,900 beds when they complete construction. We will continue to monitor the market and pass along the trends we see.
