GJ apartment vacancy rate, rent on the rise

Grand Junction’s apartment vacancy rate has climbed to its highest level in more than three years, but most apartment seekers are still finding a tight housing market and paying a premium price for a unit.

A report released Wednesday by the Colorado Division of Housing showed the vacancy rate for the area was 4 percent in the first three months of 2009, likely a product of the downturn in the economy.

That’s more than double the 1.8 percent rate for the first quarter of 2008 and the highest rate since 5.4 percent in 2005.

Industry officials attributed much of the increase to a softening of the upper-end of the market.

Cindy Hoppe, property manager with Bray Real Estate, said more multifamily units renting for $1,000 or more came open. The market for apartments priced below $1,000 remains slim.

“Even with a 4 percent vacancy rate, it’s still a very competitive situation,” said Gordon Von Stroh, a business professor at the University of Denver who researched and wrote the report.

And even though more units have become available, rent hasn’t gone down correspondingly.

The average rent from the first quarter of last year to this year inched up 2 percent, from $666.22 to $680.35.

“I didn’t expect to see that,” Hoppe said.

She said she doesn’t anticipate rent to decline this year. If it increases, she said, it won’t be substantially.


COMMENTS

Commenting is not available in this channel entry.


TOP JOBS
  • Mesa County Opportunities

    EMPLOYMENT OPPORTUNITIES Criminal Justice Services Case...

  • Sales

    WE ARE HIRING!!!If you are motivated and have an outgoing persona...

  • Systems Administrator

    - MontroseThe Center for Mental Health in Montrose is looking...

  • Outside Plan Supervisor

    ELEVATE, a wholly-owned subsidiary of Delta-Montrose Electric Association, is lo...

  • Teller

    Grand Junction Federal Credit Union,Is seeking someone for a full tim...

  • Engineering

    Chief Engineerfor Limelight Hotel, Aspen.This role will oversee all phys...

Search More Jobs





THE DAILY SENTINEL
734 S. Seventh St.
Grand Junction, CO 81501
970-242-5050; M-F 8:00 - 5:00
Editions
Subscribe to print edition
E-edition
Advertisers
Advertiser Tearsheet
Information

© 2016 Grand Junction Media, Inc.
By using this site you agree to the Visitor Agreement and the Privacy Policy