People who were planning on renting and moving into a single-family home or condo in the Denver metro area in the near future may have a limited selection to choose from, due to vacancy statistics released by the Colorado Division of Housing
The figures show that vacancies for single-family homes and for-rent condos in the metro Denver area dropped to 2.9 percent during the 2010 third quarter, the lowest rate in the quarter since 2001. In comparison, the rate was 3.8 percent during this year's second quarter.
One business expert correlates the increased demand for rental properties with people who have been foreclosed on and young families who would rather rent than buy. Gordon Von Stroh, a report author and professor of business at the University of Denver, told the Aurora Sentinel, "Now people are much more prudent in whether they ought to rent or buy," he commented. "They are doing a lot more evaluation as to the pros and cons of owning."
The uncertain job market in the state may also be contributing to the fact that people are renting more as opposed to buying. According to the Manpower Employment Outlook Survey,
Colorado employers are expected to hire at a slow rate during the first quarter of 2011.