What's going on in the market?
As you can see from the chart above we are still living in a renter's market. Lots of properties on the market. Please note this chart does not include the majority of the student rentals. These typically do not appear in the local Boulder paper. However, we are seeing a distinct drop in the total number of rentals on the market. From discussions with our competitors, we are all seeing an increasing number of tenants appearing. Still the slow season but good indicators. The advertising numbers show only about 20% more available units that this time in 2003. This is an encouraging trend as we had approximately 483 in Feb '03, 964 in Feb '04, and 602 this month. Since the overall Colorado economy is improving we will hope this trend continues.
The Student Market is still very challenging. Rents in some properties close to campus are up slightly. The students are actively looking for rentals for Fall right now. However, with so many options we are seeing an increased number of showings before getting a signed lease. The houses are going first as is the usual. As these are rented we will see an increasing interest in the condos, townhomes and apartments.
Great news from the Capitol
Colorado Apartment Assn. Stands Strong on Rent Control in Colorado
HB 1229 Dies on a 32-30 Vote on 3rd Reading on the House Floor. This bill was introduced by Representative Gary Lindstrom and was an attempt to circumvent the Colorado rent control statute and Telluride decision prohibiting rent control on rental property. The vote was very close and this was a hard-fought victory for Colorado Apartment Assn. (CAA) and all Colorado members. Preventing this kind of legislation is very important role provided to all our members by the CAA lobbying/political effort.
