Denver Metro Single-Family Vacancy Survey

Transcription

1 Denver Metro Single-Family Vacancy Survey Including Fourplex, Triplex, Duplex, Townhouse, Condominium, and Single-Family For-Rent Properties Third Quarter, Sponsored by: dola.colorado.gov Researched and authored by Gordon E. Von Stroh, Ph.D. of The Daniels College of Business at The University of Denver Copyright

2 Metro Denver Single-Family Vacancy Survey EXECUTIVE SUMMARY The Metro Denver Area Residential Survey covers housing units with one to four units including single-family, condominium, townhome, duplex, triplex, and fourplex units. The overall vacancy rate for the metro area for the third quarter of was percent, down from for the second quarter of and down from percent for the third quarter of. Vacancy rates for the respective counties were: Adams, percent; Arapahoe, percent; Boulder/Broomfield, percent; Denver, percent; Douglas, percent; and Jefferson, percent. Vacancy rates by number of bedrooms were: one bedroom, percent; two bedroom, percent; three bedroom, percent; four bedroom, percent; and five bedroom, percent. The vacancy rates by age of housing unit were: 1949 and before, percent; , percent; , percent; , 6.2 percent; , 6.2 percent, , percent, and 2000 up, 6.2 percent. For those units that were vacant, the average days on the market was 60.4 days, up from 50.1 days in the second quarter of, and 52.9 days in the third quarter of. Average rents increased to $ for the third quarter of, up from $ in the second quarter and up from $ in the third quarter of.

3 Average rents for the respective counties were: Adams, $1,09; Arapahoe, $961.12; Boulder/Broomfield, 1,281; Denver, $893; Douglas, 1,335; and Jefferson, $ Average rents by number of bedrooms were: one bedroom, $601; two bedroom, $827.20; three bedroom, $1,095; four bedroom; $1,302.36; and five bedroom, $1, Average rents by age of housing units were: 1949 and before, $$865; , $907; , $871.11; , $953.09; , 908; , $ , and 2000 up, $1, Medium rent was $900, and for Adams, $1,020; Arapahoe, 950; Boulder/Broomfield, 1,190; Denver, $850; Douglas, 1,290; and Jefferson, $850. Average rents per square foot were 79 cents, down from 82 cents for the second quarter of, due to larger homes going into the rental pool. The average rent per square foot was 80 cents in the third quarter of. For this quarter, the survey included 2,599 housing units in the metro Denver area.

4 REPORT DESCRIPTION AND METHODOLOGY The purpose of the Quarterly Residential Rental Housing Survey is to show vacancy rates by type of apartment (efficiency; one bedroom; two bedroom, one bath; two bedroom, two bath; three bedroom; four bedroom, and other) and rent levels by location, age and size of building and various amenities All vacancy rates are of the 10th of the month. In addition, the samples were taken with the assumption that the rates were for unfurnished rental units. Single family rental units were developed from official lists. Returned survey forms were checked for completeness, then coded and entered into the computer for processing. Tabulations are performed by the use of a computerized program. The cumulative total has a confidence interval of +/-1 percent at the 95 percent confidence level. The excellent industry cooperation by the National Association of Property Managers, Apartment Association of Metro Denver, Institute of Real Estate officials, and owners and managers is appreciated. Survey management and analysis was done by Gordon E. Von Stroh of Colorado Economic and Management Associates. Assisting in the Survey was C. M. Von Stroh. The information for this survey was obtained from participating housing managers, owners, and property managers. All information collected on each building/complex is TOTALLY CONFIDENTIAL, only survey totals are published. Information furnished by participants is considered reliable. The sponsors and author make no warranty, express or implied, and assume no legal liability or responsibility for the inclusion of data from the participants in the survey or for the use of the data from the Survey. Any quotations and/or reproductions of the survey must indicate the sponsor and the author. This report is copyrighted by Dr. Gordon E. Von Stroh. DEFINITION OF MARKET AREAS 1. ArvadaNorth: Jefferson; East Sheridan Blvd. and Boulder-Denver Turnpike; South: Wheat Ridge and Colorado 58; West Jefferson County 2. WestminsterNorth: Adams County; East: I-25; South: City and County of Denver: West: Sheridan Blvd. and Boulder-Denver Turnpike 3. Northglenn,North: Adams County; South and East: I-76; West: I-25 Thornton 4. Commerce CityNorth: I-76, East: Adams County; South: City and County of Denver; West I Wheat RidgeAll of City of Wheat Ridge and City of Edgewater 6. Denver-NorthwestNorth: City and County of Denver boundary; East: I-25; South: Colfax; West: City and County of Denver boundary 7. Denver - No. Cent.North: City and County Denver boundary; East: Colorado Blvd.; South: Twelfth and Colfax; West: Washington, Welton, Downing, 38th Street, I Denver-Northeast North and East: City and County of Denver line; South: Colfax; West: Colorado Blvd.

5 I Wheat RidgeAll of City of Wheat Ridge and City of Edgewater 6. Denver-NorthwestNorth: City and County of Denver boundary; East: I-25; South: Colfax; West: City and County of Denver boundary 7. Denver - No. Cent.North: City and County Denver boundary; East: Colorado Blvd.; South: Twelfth and Colfax; West: Washington, Welton, Downing, 38th Street, I Denver-Northeast North and East: City and County of Denver line; South: Colfax; West: Colorado Blvd. 9. Lakewood-NorthNorth: City of Wheat Ridge and Edgewater; East: Sheridan; South: Alameda; West: I Denver-W.CentralNorth: Colfax and Twelfth; East: I-25 and Broadway; South: Alameda; West: City and County of Denver line 11. Denver-CentralNorth: Twelfth Avenue and Colfax; East: Colorado Blvd.; South: Alameda; West: Washington and Broadway 12. Denver-E.CentralNorth: Colfax; East: City and County of Denver line; South: Alameda; West: Colorado Blvd. 13. Aurora - NorthNorth: I-70; East: Arapahoe County; South: Colfax; West: City and County of Denver boundary 14. Lakewood-SouthNorth: Alameda; East: City and County of Denver boundary; South and West: Jefferson County 15. Denver-SouthwestNorth: Alameda; East: Broadway; South and West: City and County of Denver boundary 16. Denver-S. CentralNorth: Alameda; East: Colorado Blvd.; South: City and County of Denver line; West: Broadway 17. Denver-SoutheastNorth: Alameda; East: City and County of Denver line; South: Evans/Iliff; West: Colorado Blvd. except for the City of Glendale 19. Englewood, All of the City of Englewood and City of Sheridan Sheridan 20. Denver-Far S.E.North: Evans and Iliff; East and South: City and County of Denver boundary; West: Colorado Blvd. 21. LittletonAll of City of Littleton 22. Arapahoe CountyNorth: City of Englewood and City and County of Denver; East: I-25; South: SouthDouglas County: West: City of Englewood and City of Littleton 23. GlendaleAll of the City of Glendale 24. Boulder-except for All of the City of Boulder except for the University area University area 25. Boulder-Univ. Area North: Pearl: East: Gilpin and Pleasant View Road; South: Baseline; West: Fourth 26. Aurora - SouthNorth: Iliff; East and South: Arapahoe County; West: Havana/Parker Road 27. GoldenNorth: Colorado 58; East and South: I-70; West: Jefferson County line 28. BroomfieldNorth: 168th Avenue; East: I-25; South: 112th Avenue; West: Indiana Street 31. Castle RockCity of Castle Rock and immediate area 32. Denver-DowntownNorth: Wewatta/Wynkoop Streets; East: Washington, Welton, Downing, 38th; South: Twelfth; West: Osage/5th Street, including Golden Triangle (Broadway on east and Speer Blvd. on west and south)

6 West: Fourth 26. Aurora - SouthNorth: Iliff; East and South: Arapahoe County; West: Havana/Parker Road 27. GoldenNorth: Colorado 58; East and South: I-70; West: Jefferson County line 28. BroomfieldNorth: 168th Avenue; East: I-25; South: 112th Avenue; West: Indiana Street 31. Castle RockCity of Castle Rock and immediate area 32. Denver-DowntownNorth: Wewatta/Wynkoop Streets; East: Washington, Welton, Downing, 38th; South: Twelfth; West: Osage/5th Street, including Golden Triangle (Broadway on east and Speer Blvd. on west and south) 33. Aurora-Central-NWNorth: Colfax; East: I-225; South: Alameda; West: City and County of Denver line 34. Aurora-Central-NENorth: Colfax; East: Arapahoe County; South: Alameda; West: I Aurora-Central-SE North: Alameda; East: Arapahoe County; South: Iliff; West: I Aurora-Central-SWNorth: Alameda; East: I-225; South: Iliff; West: City and County of Denver line 37. Boulder Co.-OtherAll of Boulder County except for the incorporated cities of Boulder, Broomfield, and Longmont 38. Arapahoe CountyNorth: Arapahoe County Line; East: Havana/Parker Road; South: Douglas Southeast County; West: I Douglas Co-NorthAll of northern Douglas County 40. LongmontAll of the city of Longmont

7 Current Survey Responses Units Reporting Totals for Denver Area Vacancy Rate 2,599 Adams 258 Arapahoe 594 Boulder 43 Denver 905 Douglas 101 Jefferson By County By Market Area Adams County Aurora-North Commerce City/Brighton 17 Northglenn/Thornton 69 Westminster Arapahoe County 594 Arapahoe County - South Arapahoe County - Southeast 17 Aurora - Central Northeast 47 Aurora - Central Northwest Aurora - Central Southeast 144 Aurora - Central Southwest Glendale 2 Littleton Boulder/Broomfield Counties 43 Aurora - South Englewood, Sheridan Boulder County - Other City of Boulder - Except University 5 City of Boulder - University Area 1 Longmont 0 Broomfield Denver City/County 905 Denver - Central Denver - Downtown 11 Denver - East Central 82 Denver - Far Northeast Denver - Far Southeast Denver - Far Southwest 17 Denver - North Central Denver - Northeast Denver - Northwest 103 Denver - South Central 118 Denver - Southeast 79 Denver - Southwest 48 Denver - West Central 46 Douglas County Castle Rock Douglas County - North Jefferson County 698 Arvada 217 Golden 54 Lakewood - North Lakewood - South Wheat Ridge 110 9

8 Vacancy Rate by Number of Bedrooms by County (in percent) Adams Arapahoe Boulder/Broomfield Denver Douglas Jefferson

9 Average Rent by Number of Bedrooms By County (in dollars) ### Adams Arapahoe Boulder/Broomfield Denver Douglas Jefferson

10 Rent per Square Foot by Number of Bedrooms By County (in dollars) Adams Arapahoe Boulder/Broomfield Denver Douglas Jefferson

11 Vacancy Rate by Dwelling Type By Number of Bedrooms for the (in percent) House Townhouse Condo Duplex Triplex Fourplex

12 Average Rent by Dwelling Type By Number of Bedrooms for the (in dollars) House Townhouse Condo Duplex Triplex Fourplex

13 Rent per Square Foot by Dwelling Type By Number of Bedrooms for the (in dollars) House Townhouse Condo Duplex Triplex Fourplex

14 Median Rent by Number of Bedrooms By County (in dollars) ### Adams Arapahoe Boulder/Broomfield Denver Douglas Jefferson

15 Median Rent by Number of Bathrooms By County (in dollars) ### > Adams > Arapahoe > Boulder/Broomfield > Denver > Douglas > Jefferson

16 >

17 Median Rent by Dwelling Type By Number of Bedrooms for the (in dollars) House Townhouse Condo Duplex Triplex Fourplex

18 Vacancy Rate by Number of Bedrooms and Number of Bathrooms for the (in percent) > > s > s > s > s >

19 Average Rent by Number of Bedrooms and Number of Bathrooms for the (in dollars) > > s > s > s > s > , , ,249 1,162 1,117 1,147 1,370 1,420 1, , , , ,123 1, , , ,112 1,108 1,122 1,168 1, , ,447 1,303 1, , , ,077 1, , ,091 1, ,236 1, ,320 1,470 1, , , ,236 1,350 1, , ,114 1,295 1,350 1, , ,020 1, ,100 1, ,052 1,135 1,192 1,256 1, ,34 1, ,060 1,250 1, , ,360 1,443 2, , , , ,100 1, , ,135 1, ,278 1, ,364 1,535 1,060 1,230 1, , , ,443 2,240 1, , ,007 1, ,071 1,07 1,10 1, , ,290 1, ,355 1, , ,110 1, , , ,600 1, ,040 1, ,055 1,279 1,134 1,203 1,290 1,283 1,365 1,120 1, ,173 1, ,451 1, ,573 1,37 1,013 1, ,049 1,11 1,117 1,324 1, ,411 1,354 1,133 1,277 1, , , , , , , ,033 1,090 1,132 1,20 1,360 1,319 1,321 1,143 1, ,150 1,195 1, ,310 1,517 1, ,720 1,720 1,720 1,390 1, , ,340 1,340 1,500 1,390 1,390 1,590 1, ,450 1,390 1,390 1,68 1,310 1,325 1,390 1,390 1, ,260 1,277 1,390 1,390 1,540 1, ,328 1, ,000 1,530 1,400 1, ,190 1,000 1, , ,024 1, ,150 1, , , , ,188 1,153 1, ,03 1,001 1,12 1, , ,153 1,155 1, , ,255 1,226 1,050 1,147 1,137 1, ,415 1,435 1,190 1, , ,40 1, ,070 1,170 1, , , ,050 1, ,161 1,380 1,40 1, ,450 1, ,550 1,595 1, , , , , , ,080 1, ,230 1, ,650 1, ,326 1,070 1, , ,203 1,090 1, ,081 1, , ,020 1, , , , , , ,358 1,450 1, , , ,132 1, ,130 1,420 1,910 1,390 1, ,475 1, , , ,060 1, , , ,077 1, ,231 1, , , ,070 1, , ,233 1,24 1, ,317 1,35 1, , ,041 1,038 1, , , ,290 1,171 1, , ,078 1,037 1,241 1,330 1, ,024 1,003 1,231 1,26 1, ,490 1,490 1,490 1,490 1, ,09 1, , ,096 1,171 1, , ,287 1,013 1,050 1,133 1,167 1, , ,409 1, , , , ,000 1, , , ,293 1, ,289 1,160 1,110 1, , ,41 1, , , ,083 1, , , , , ,261 1, , ,172 1, ,406 1,335 1,49 1, ,074 1, ,009 1, ,088 1, , ,240 1, ,230 1,178 1,156 1,430 1,37 1, , ,043 1, ,045 1,061 1,21 1, ,222 1,332 1,320 1,050 1,150 1,23 1, , ,47 1, , ,190 1,150 1,538 1, ,190 1,150 1,520 1,160 1,190 1,150 1, , ,090 1,390 1, , ,082 1,040 1,056 1,209 1, , ,173 1,286 1, , ,010 1,193 1,285 1, , ,023 1,181 1,256 1, ,390 1, ,068 1, , ,040 1, , , , ,157 1,103 1,227 1, ,33 1,381 1, ,065 1, ,073 1, ,192 1,270 1,21 1, ,08 1, ,185 1,331 1,200 1,398 1, , , ,110 1,063 1,221 1,270 1,282 1, ,110 1, ,201 1, ,180 1,432 1, ,050 1, , , ,243 1,227 1,090 1,090 1,090 1,090 1,090 1,390 1,290 1,260 1,100 1,521 1, , ,485 1, ,340 1,306 1,290 1,100 1, , , , , , , ,220 1, , , , , ,215 1, , , ,070 1, , ,055 1, , ,215 1, , , , ,347 1,390 1,434 1,

20 Rent per Square Foot by Number of Bedrooms and Number of Bathrooms for the (in dollars) > > s > s > s > s >

21 Vacancy Rate by Number of Bedrooms and Year Built for the (in percent)

22 Average Rent by Number of Bedrooms and Year Built for the (in dollars)

23 Rent per Square Foot by Number of Bedrooms and Year Built for the (in dollars)