{"id":451,"date":"2015-10-19T16:46:17","date_gmt":"2015-10-19T20:46:17","guid":{"rendered":"http:\/\/www.hickokandboardman.com\/vermont-market-report\/?p=451"},"modified":"2018-07-24T10:18:53","modified_gmt":"2018-07-24T14:18:53","slug":"vacancy-rate-easing-chittenden-county","status":"publish","type":"post","link":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/2015\/10\/vacancy-rate-easing-chittenden-county\/","title":{"rendered":"Vacancy rate is easing in Chittenden County rental market"},"content":{"rendered":"\n\n\n\n\t\n\n\t\n\t
MARKET INSIGHTS<\/th>\n<\/tr>\n<\/thead>\n
The county\u2019s vacancy rate is 2.8%, significantly below the national average.<\/td>\n<\/tr>\n
Rents have increased 3.1% annually since 2001.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n
\n

\"CBHB_2015_Spring_NewGraph_RentalV2\"<\/strong><\/p>\n

\n

Apartment hunting in Northwest Vermont is often a competitive endeavor, given an extremely low vacancy rate and\u00a0increasing demand from a diverse professional workforce. Because our rental expert has extensive contacts with\u00a0landlords, Realtors and associations, Coldwell Banker Hickok & Boardman Realty is well positioned to help clients find\u00a0the most recent properties on the market.<\/strong><\/p>\n

The Vacancy Rate Is Easing<\/h3>\n

The vacancy rate stood at 2.8% in June, compared with a two-decade average of 1.4%, according to real estate consulting fi rm Allen & Brooks. The region\u2019s vacancy rate has eased this year due to a boost of new apartment construction, such as Finney Crossing in Williston and Riverrun Luxury Apartments in Winooski.<\/p>\n

The Vacancy Rate\u2019s Impact on Renters<\/h3>\n

The higher vacancy rate is allowing renters to take more time when assessing and deciding on which property to lease, although all available units are still fi nding tenants, Allen & Brooks noted. The county\u2019s vacancy rate, while not as low as in the past, is still well below the national average of 4.1%.<\/p>\n

Local Hiring<\/h3>\n

Local employers such as the UVM Medical Center are hiring, with many of the professionals opting to rent before buying. As the economy continues to improve, Coldwell Banker Hickok & Boardman Realty believes more renters will decide to buy homes, which could lead to an even higher vacancy rate.<\/p>\n

Competitive Rents<\/h3>\n

In the meantime, rents continue to be competitive in Chittenden County. The average monthly rent has increased 3.1% annually since 2002, Allen & Brooks found. Wages for some workers haven\u2019t matched that pace, which has caused affordability issues. Residents in Burlington are spending about 44% of income on housing, a level that\u2019s considered unaffordable, according to a report published by the city last year.<\/p>\n

Shifting Demand Among Neighborhoods<\/h3>\n

Some less expensive neighborhoods, such as Burlington\u2019s Old North End, are witnessing an increase in demand because they are more affordable than the Hill Section and other Burlington neighborhoods, Allen & Brooks notes. Some renters are looking for apartments in newly constructed buildings, such as South Village in South Burlington and the Packard Lofts in the Old North End, because of the convenience of living in a newly-built home with amenities.<\/p>\n

\n

Because our rental expert has extensive contacts with landlords, Realtors and associations, Coldwell Banker Hickok & Boardman Realty is well positioned to help clients find the most recent properties on the market.<\/p>\n

Contact Our Rental Specialist<\/h3>\n

\"AubertSte\"<\/a>Stephanie\u00a0<\/strong>Aubert<\/strong>
\n(802) 503-1150
\nrentals@hickokandboardman.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Apartment hunting in Northwest Vermont is often a competitive endeavor, given an extremely low vacancy rate and\u00a0increasing demand from a diverse professional workforce. Because our rental expert has extensive contacts with\u00a0landlords, Realtors and associations, Coldwell Banker Hickok & Boardman Realty is well positioned to help clients find\u00a0the most recent properties on the market. The Vacancy … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/451"}],"collection":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/comments?post=451"}],"version-history":[{"count":5,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/451\/revisions"}],"predecessor-version":[{"id":1525,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/451\/revisions\/1525"}],"wp:attachment":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/media?parent=451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/categories?post=451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/tags?post=451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}