Did you know that the Colorado Division of Housing reported that the 2nd quarter vacancy rate for metro Denver was only 2.6%. Denver’s vacancy rate has never been lower.
In my opinion, one of the reasons for the rental market to have such low vacancy rates is the number of people that have lost their homes have become renters instead of owners.
The basic economic law of supply and demand will continue to cause rental rates to rise as renters become more abundant and rental home supply stays the same.
Rent.com is forecasting that nationally apartment rents will rise 4.5% this year and another 3.0% in 2012.
To avoid rising living expenses you could consider buying a home for which you can lock in your monthly costs at closing.
Trulia said that Denver is one of 74 large cities where it’s cheaper to buy than to rent.
If you think this is the right time for you to buy, and/or invest in rental properties, search here.
Credit goes to Lonnie Glessner at America’s Mortgage, LLC for his research and statistics in this article.
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