Finding a home to rent in Denver just got harder.

photo credit: TheTruthAbout

Vacancies for single family homes and small rental properties in the seven metro area counties fell to the lowest level since 2001, according to a survey by the Colorado Division of Housing. Small rental properties include, condos, townhomes, duplexes, triplexes and fourplexes.

The Aurora Sentinel reports that this may be due to job instability, foreclosures and less renters looking to move into buying a home. In tough times, people are more prudent. Plus the fact that about 35,000 high school graduates come into the housing market each year. Gordon Von Stroh, a professor of business at the University of Denver, who wrote the survey, is concerned that the rental owners don't see the residents doing better economically.

Stroh offers this advice to renters, "In the next few months, things might open up a little bit more but probably not significantly. If you see something, and you need a home, grab it," he said. "And, if you plan to be in that location for about two years, think about signing a long term lease."

Vacancies are the highest in Douglas County due to new construction and foreclosures. The lowest vacancy rates are in Jefferson County and the Boulder/Broomfield areas. The average rent for a single family home in the Denver metro area fell to $1,041 in the third quarter of 2010, compared to $1,060 in the same period of 2009.

Read more in The Denver Post.com.

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