The residential rental market is showing signs of improvement. Last year at this time there were almost 1,300 rental properties being advertised in Boulder & Broomfield Counties. This year we are at 1,003 advertised rentals over an expanded area. This area now includes more of the small, eastern plains communities like Frederick and even a few in Golden. So, while there are still more rentals on the market that usual we are seeing some of the supply disappear. This is not enough of a change to move rents up but it is positive. I spoke with several market analysts and they are expecting the oversupply to be greatly diminished by next year. This is good news as this will help move rents back up again.
We are also seeing more people beginning to look for rentals. Our calls on available rentals are up almost 25% from last month. Obviously a good sign.
