The more things change the more they remain the same. I don't know who said it first but it definitely applies to the current rental market. The chart above shows we have about the same number of advertised rentals as we did this time in 2002. We are seeing rents increase slightly in most areas. The exceptions are Longmont and the Boulder student market. Both of these markets are still seeing a glut of available rentals and rents dropping to attract potential renters.
Another factor we are seeing is gasoline prices. I am getting a lot more comments about the cost of driving and people looking for rentals closer to their place of work or school. With gasoline prices predicted to peak around $70/barrel this will become more and more of a factor.
How will all this work out? It is anybody's guess. Our September newsletter will give us the results of the peak season. Stay tuned.
