Vacancies in "for-rent" condos, single-family homes, and other small properties across metro Denver dropped to 3.9 percent at the end of last year, according to a report released by the Colorado Division of Housing.Vacancies dropped for the fifth quarter in a row, and 3.9 percent is the lowest vacancy rate recorded since the survey was launched in 2001.
The vacancy rate was 4 percent during the third quarter of 2007, and was 6.4 percent during the third quarter of 2006.
The largest declines in vacancies were found in Adams County, where vacancies dropped substantially from 9.3 percent during the third quarter of 2006 to 3.3 percent during the third quarter of 2007. No counties reported increases in vacancies compared with last year's third-quarter rates.
It's undeniable that the effects of 40,000 Colorado foreclosures have caused a significant firming in the rental market over the past 18 months. Much tighter lending standards have also shut the door on home ownership to many previously qualified buyers, all of which bodes well for landlords.
An investor client of mine in Brighton reported last week that his most recent rental posting on Craig's List, a four bedroom, two bath single family home, generated 17 phone calls and 10 showing appointments in three days.
Another investor client in Arvada reported over 15 calls on a three bedroom townhome inside of one week.
If you can get financing, now remains an incredible time to pick up rental property with the ability to cashflow from day one.
Opportunities like this do not cycle through very often... call me if you would like to learn more about investment opportunities in the Denver Metro area.
