Denver foreclosures help lower vacancy rate for apartments.
Denver’s apartment vacancy is at a 5 year low. Currently at 7% the last time it was lower was in 2001. Since then 25,000 apartments have been added.
In 2006 a record 19,425 foreclosures were filed. This number while high is not nearly as bad as it was the last go-round in the 1980’s. Since then the population has grown and homeownership has increased.
Watching the market, one can see the "special deals" for apartment leasing disappear. The renters are seeing rents increase with the increasing demand. This strikes a thought in the minds of first-time home buyers, who begin to realize, they can purchase a home.
First time buyers jumping into home ownership are a welcome sign for the rest of the market. Real estate is cyclical, constantly moving.
Everyone wants to own something, why not real estate?
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