The general rental market is tough to pin down right now. Some areas are doing well and demand is picking up. Other areas, Longmont in particular, are still struggling with an over abundance of properties and lower demand.
Overall, we are seeing improvements. Looking at the chart we see a better indicator than for the last two years. In April 2002 there were about 542 advertised rentals (not including student rentals). In following Aprils we saw advertised rentals of 964 (2003), 958 (2004), and 688 in 2005. We are hoping this trend continues. Much will depend on the interest rates and job creation. As interest rates and available jobs increase we see a corresponding increase in the number of renters searching.
In other news, The Colorado Supreme Court upheld the current state statute on Feb. 28, 2005, ruling that landlords must return security deposits within 60 days after a tenant vacates or face paying triple the deposit amount. (The Denver Post, Mar. 1, 2005).
