Greeley renters are paying more than they ever have, as the foreclosure market and outside pressure continues to affect the local market, real estate officials say.
The foreclosure market, which is hitting another high in recent months, continues to drive people into the rental market, creating a tight supply, which is raising rents. In addition, higher rents in other northern Colorado areas are pushing people into Greeley, which is more affordable, officials say.
Apartment vacancies in Greeley fell to 6.9 percent during the first quarter of this year, falling from 2009’s first quarter rate of 8.4 percent, according to a report released today by the state Department of Local Affairs’ Division of Housing.
The report notes this year’s first-quarter vacancy rate of 6.9 percent for Greeley is the lowest since vacancies fell to 5.5 percent during the third quarter of 2008. It is the lowest first-quarter rate since 2002, according to a prepared release.
“Greeley’s multi-housing market is beginning to benefit from relatively strong housing and job markets in the Fort Collins and Loveland areas,” said Terrance Hunt, a principal with Apartment Realty Advisers, in the release. “Low vacancies in the Loveland and Fort Collins areas are driving renters to look for affordable alternatives in the Greeley area where they can find a short commute to many of the job centers in northern Colorado.”
Average rents in Greeley remain well below average rents in Fort Collins and Loveland where the average rents for the first quarter were $837 and $835, respectively, the release stated.
For more on this story, see Friday’s edition.
Affordable housing gets more efficient
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