Colorado Home Mortgage Second
Apartment occupancy, rents rise in West
Apartment rents and occupancies rose throughout the West in the second quarter as higher mortgage rates made renting more attractive than buying.
Rents increased from a year earlier in each of the 29 largest metropolitan areas except Colorado Springs, and occupancies failed to improve only in Fresno, Calif., research company RealFacts said last week.
All regions had occupancies of above 90 percent, with the San Jose, Calif., area rising to 96.7 percent from 94.3 percent, and the Reno, Nev., area climbing to 96.6 percent from 94.7 percent.
The findings mirror those of the Denver metropolitan area in the first quarter, when the apartment vacancy rate dropped to its lowest point in five years.
The Denver area's vacancy rate was 7.4 percent for the first quarter, compared with 7.9 percent for the fourth quarter last year, according to the Apartment Association of Metro Denver.
Related Colorado Home Mortgage Second links
Real Estate Briefcase
Homewood Place, a Southside neighborhood developed by Butterfield Ranch, will open to the public Aug. 12 in Elmendorf with a celebration from noon to 4 p.m. with barbecue, music and children's games.
Ridgefield Homes, the builder for the neighborhood, has six model homes with three and four bedrooms and two or 21/2 baths and prices ranging from the $120,000s to $160,000s.
The completed development will have 280 homes, a pond and surrounding park, a children's playground and walking trails.
For more information, call (210) 877-2522 or visit www.Butterfieldranchsa.com.
Allied Mortgage opens second McAllen officeAllied Home Mortgage Capital Corp. has opened a new branch in McAllen. It is the second in the city and one of many in the state.