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Denver vacancy rate at 5.5%

December 3, 2010 - For those thinking of relocating to the Denver, Colorado area, there may be more rental properties for you to choose from.

According to the Denver Post, the vacancy rate for single-family homes and for-rent condos in the metro Denver area was 4.6 percent in the third quarter, an increase from 3.4 percent at the same time last year.

Denver reported a 5.5 percent vacancy rate, stated the news source.

Average third quarter rents for the region were $1,060, while Denver they were $945.

One possible reason for the increase in vacancies in rental properties may be that homeownership in the current real estate market is more viable for some people. There are many homes for sale and foreclosed properties for prospective homebuyers to select from.

Additionally, if prospective buyers have good credit, a steady income and savings for a deposit, they may be able to qualify for a mortgage rate under 5 percent.

There is also the first time homebuyer federal tax credit worth $8,000 that has been extended until April 2010, which may be drawing some people from the rental pool into the homeowners market. This credit can be put towards closing costs, which can be an unexpected expense for homebuyers.

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