About Rental Properties in Boulder, CO
Boulder is thecounty seat and the biggest city in Boulder County. It is located at an elevation of more than 5000 feet and is situated 25 miles northwest of Denver. With a population of about 100, 000, it is famous for being one of the most liberal cities in the country, as well as its colorful Western traditions and is also home to the University of Colorado which is the largest university in the state. Many people consider it one of the best places to live in the United States because of the convenient and easy access to some of the finest outdoors activities in the country and the quality of living.
If you are a student, you should note that rental properties near the campus will tend to be more expensive. Family housing on campus is an option for some graduate students and the facilities, the location and the price are great for inexpensive living. There are four different complexes in which students can live and the term family housing does not necessarily mean that you have to have kids. Otherwise you have plenty of off-campus options that can be considered.
Like many other university towns, the rental property market in town is primarily driven by the influx of students looking for temporary accommodation. The rental market is pretty tight and rents are showing an upward trend. For communities outside Boulder, there may not be the same volatility in supply and demand, but availability continues to be limited. The vacancy rate increased slightly in 2011, but the number of additional units available is not really significant. The conditions in the economy have meant that fewer rental properties have been added to the rental market over the last few years and there has been an oversupply of properties in a few locations. However demand has grown steadily to produce the current market conditions.
Over the last eight years, only about 13,500 new apartment buildings have come up in contrast to the 50,000 in the previous eight-year cycle. The supply continues to dominate the demand supply equation and the vacancy rate. Because of the modest amount of job creation and new residents relocating to Colorado, demand is expected to exceed supply in 2012. Rents are starting to move upwards but several new apartment buildings coming up just outside Boulder County in Broomfield are expected to alleviate the pressure. However, if you are looking to rent property, you should not expect to find too much by way of incentives or concessions.
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