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2010-12-07 16:09:41
Finding rental homes getting tougher in Denver

Record low vacancy rates make finding a home in Denver challenging for renters

 The Denver Business Journal recently reported that rental vacancy rates reached a record low of 2.9% in the 3rd quarter of 2010, the lowest 3rd quarter on record since 2001.

Due to the economic downturn, more homeowners have become renters for 3-5 years until their credit recovers from bankruptcy and foreclosure.  Additionally, the decrease in Denver area building permit activity for new apartment buildings looks to further tighten the supply of apartment units for the near term, possibly putting upward pressure on rental rates in coming months.

In many area of Metro Denver, low home prices and near record-low interest rates combine to make owning a home less costly than renting.  And unlike rental rates that may increase over time, the mortgage payment on a 30-year fixed mortgage doesn't change over the life of the loan.  Click here to view the Bankrate.com 'Rent vs Buy' calculator

Popular loan programs, such as FHA and CHFA, allow for low down payment requirements while keeping mortgage rates very competitive.  Additionally, MyCommunity loan programs can eliminate the need for mortgage insurance, saving hundreds of dollars for potential homebuyers.  In addition to governmentgrant programs, many homebuyers can also use gift money, from family or employers, to be used toward the purchase of a home.

Home affordability is the best we have seen in years.  According to a recent Keller Williams Realty study, affordability in the U.S. measures a family's ability to buy - that is, the amount of a median family's income consumed by the median mortgage.  In 1981, it took 35% of the family income to pay a mortgage.  In 2009, that amount wss 15%, a historic low.  Not sure if you can afford a home mortgage?  Try out this Home Affordability Calculator

If you have considered getting out of the 'Rental Rat Race' and into your own home, we invite you to visit our website at www.LivingInLittleton.com or call us directly at 303-378-7677 to discuss the possibility of owning your own home while mortgage rates and home prices are at bottom.

Link to the Denver Business Journal Article:

http://bizjournals.com/denver/news/2010/12/07/rental-housing-market-tight-in-denver.html

 
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