The Boulder area’s tight rental market has been pushed to its limits by the flood.
Many homeowners are now renters, waiting for their homes to be repaired. If you need to rent within the next year close to Boulder, expect a challenge finding your rental home.
Here are the latest vacancy rates: The City of Boulder’s vacancy rate outside of the CU area has dipped to 1%; around CU vacancy rates now sit at 2%. Longmont’s rate is now 2.6%, and the city of Broomfield is at 3.3%.
Within Boulder and Broomfield counties as an aggregate, supply dropped to 2.8% in the third quarter of 2013, down from 3.8% in the second quarter, according to the Colorado Division of Housing and Apartment Association of Metro Denver.
This is a significant contrast with the vacancy rate of all of metro Denver, which increased from 4.2% in the second quarter to 4.4% in the third quarter. The Apartment Association said the metro area could see as many as 10,000 new units come to market in 2014, across 25 different sub-markets. The great majority of those new apartments are outside of Boulder proper.
So, its likely going to be easiest to rent close to Denver and hardest in Boulder. If you need to rent, try the following:
- Have your credit in impeccable condition, so that when the right apartment comes up, you are ready to sign the lease.
- Scour Craigslist and rental websites; follow-up on leads immediately.
- Network with friends who may be vacating their rentals.
- Be ready to visit and commit.
- Expect that landlords will demand longer leases, as the market is definitely in landlords’ favor right now.
Good luck! And if your rental doesn’t work out, it is still an exceptional time to buy. Mortgage rates continue at historic lows, and home prices have not made a full recovery from where they were before the housing market crashed. If you would like to explore buying, please call 303.506.5669.
Original Article Here: Apartments in short supply across region
Love Where You Live: The Boulder Real Estate Blog
