The residential rental market continues to be very challenging. In discussions with other property managers and owners we are hearing that "...the phones are just not ringing." Some of this is due to it being the "mud season" before the summer rental season kicks in. We are beginning to see some increase in the numbers of non-student renters looking for rentals. We will let you know if this trend continues of if it is just a temporary uptick.
The chart here shows that the total number of advertised rentals continues to remain high for this time of year. As stated in earlier newsletters this is due to a number of factors. These include:
In a normal year the area would see vacancy rates in the low single digits. Right now the area is still seeing vacancy rates around 9-12% depending on the area. TheBoulder County Apartment Association estimates that the vacancy rates will remain high for at least another year. Being a renter's market, price is still the overriding factor.
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