Apartment hunters in Salida may need to look harder than in other Colorado locations but they’re also likely to pay less for rent, according to a report released last week by the Colorado Division of Housing and Colorado Economic and Management Associates. The report pegged third-quarter (Q3) 2009 Salida apartment vacancies at 3.8%, compared to a statewide composite rate of 7.4%.
Salida’s 3.8% vacancy rate was the fifth-lowest in the State, trailing Aspen (2.7%), Eagle County (3.5%), Glenwood Springs (3.6%) and Durango (3.6%). Buena Vista’s rate was 9.5%; Lake County’s was 10.7%. Pueblo’s 12.0% vacancy rate was the highest of any community surveyed. A “normal” vacancy rate will naturally differ between communities.
According to the report, renting an apartment in Buena Vista will cost you more, on average, than renting in Salida. The Q3 average apartment rent in Salida was $443.59, while the median rent was $441.10. Buena Vista average and median numbers were $610.71 and $569.75, respectively. The median of a list numbers can be found by arranging all values from lowest to highest and choosing the middle one.
In fact, renting an apartment almost anywhere in Colorado will cost you more than in Salida, according to the report. Of the communities surveyed, only Sterling and Northwest Pueblo recorded lower average rent than Salida, and only Sterling has a lower average cost per square foot.
A tight rental market might suggest that Salida rental prices would be higher than they are, driven up by demand. According to report author Gordon Von Stroh of the Daniels College of Business at the University of Denver, however, several factors might be contributing to lower asking prices in the face of high demand. Older properties with fewer amenities tend to command lower rates regardless of demand, for example. And it is more common in small towns that personal relationships between owners and tenants influence prices, said Von Stroh. The rental market may also be catering to service industry workers and seasonal employees who are less likely to be able to afford higher housing costs.
Salida’s vacancy rate has traditionally been relatively low, tracking below 3% between 2003 and 2008, rising to 3.8% in 2009. For the purposes of the report, vacancies were recorded on March 10 and September 10.
Roxanna Merton, site manager for Riverbend Apartments, said that the 30 units at Riverbend are currently occupied and that she has a waiting list of six; about average, according to Merton. Riverbend offers low-income rentals priced between $445 and $513 per month.
Ryan McMaken, Community Relations Director for the Division of Housing, said that Salida is becoming increasingly well-known as a recreation hot spot, and pressure on the rental market is likely to increase commensurately.
Data for the report was obtained by surveying apartment managers, owners and property managers in seventeen major market areas: Alamosa, Aspen, Buena Vista, Canon City, Colorado Springs, Durango, Eagle County, Fort Collins/Loveland, Fort Morgan/Brush, Glenwood Springs, Grand Junction, Gunnison, Lake County, Montrose, Pueblo, Salida, Southeast Colorado, Steamboat Springs, Sterling, Summit County, and Weld County.
The Colorado Division of Housing uses the survey data to help determine how best to assist communities with housing and infrastructure needs. The complete report is available online at the Colorado Department of Local Affairs. The 2007 Chaffee County Housing Needs Assessment also provides important information about the state of housing in Chaffee County.
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thanks TB
Whoa, wait a minute. Are you including seasonal rentals that give you a place to live from Nov to April–while 2nd homeowners jet off to some sunny location? (Having to move every season is not a desirable situation if you are a permanent resident). And what about those of us who make too much for low income housing (Riverbend Apartments) but not enough for an $800.00 apt? Did anyone check the currently listed rentals and see how many of them specifically state “no pets” (yet we have a large enough population of pet owners to demand a dog park.)
As a permanent resident with a full time job that is fairly secure in this economic climate, I have found it difficult to find a decent rental in Salida that will allow a pet and not deplete my income. Aritcles like this are a diservice to towns like Salida that need a housing base that supports the service workers–if you don’t start addressing this now–and it’s probably too late–you’ll make it impossible for anyone but the rich and retired to live here. This article does not present the true picture of available rentals.
This article was written based on the report issued by the Colorado Department of Housing, which in turn was based on 78 survey responses from landlords and/or apartment managers. The report, and therefore this article, are talking about only apartment rentals, not single family housing or any other kind of rental. So this is naturally a partial view.
The survey does not query landlords about allowances for pets.
Many folks are aware of, and some are working on, affordable housing issues for Salida. Most notably, Read McCulloch of Chaffee Housing Trust is addressing home ownership (not, as far as I know, affordable rentals).
The City of Salida is currently surveying both residents and nonresidents in advance of re-tooling the comprehensive plan. Anyone concerned about affordable housing should be sure to complete the survey before it closes on November 25.
I agree that Salida needs more affordable rentals, be they apartments or houses, and that more should be done. Thanks for sharing your experience.