Folks in the Roaring Fork Valley know how hard it is to find a place to live. And now the Colorado Division of Housing (CDH) has confirmed that it's not just in the valley where multi-family housing is scarce.

The division's Colorado Multifamily Vacancy and Rent Survey, released Tuesday, showed the statewide vacancy rate for Colorado's housing market has dropped to a seven-year low of 5.7 percent during the third quarter of 2007. Only Colorado Springs and northeastern Colorado were found to have vacancy rates above 6 percent, according to the report. However, the rest of the state continued to move toward some of the lowest vacancy rates in several years.

"It looks like we may be emerging from a period of uncertainty in the rental housing markets around the state," said CDH director Kathi Williams.

The CDH stated that, in general, a vacancy rate of 5 percent is considered the "equilibrium" rate by industry researchers. Vacancy rates below 5 percent indicate a "tight" market.

The report stated all areas west of the Front Range reported vacancy rates below 5 percent, with Glenwood Springs at 2.4 percent and Aspen at 1.4 percent. Those are some of the lowest in the state, but the lowest was seen in Buena Vista at 1.2 percent. Summit County reported a 4 percent vacancy rate, while Eagle County reported a 4.7 percent rate.

In recent years, vacancies in many areas, such as Fort Collins and Pueblo, have hovered above 8 percent. The recent declines in the same areas to the 5 and 6 percent range hint that rates may be adjusting down for a while, the CDH stated.

Colorado Springs, Greeley and northeastern Colorado reported the softest rental markets, with Colorado Springs, Greeley, Fort Morgan and Sterling reporting vacancies at 8.6 percent, 8.1 percent, 8.9 percent and 10.3 percent, respectively. Although vacancies remain above 8 percent in Colorado Springs, they are at a five-year low.

A different survey for the Denver Metro area reported a third-quarter vacancy rate of 5.3 percent.

Average rents increased statewide as vacancies declined, the report stated. Average rents in Grand Junction, which reported a vacancy rate of 1.8 percent, increased from $566.19 to $609.81 between the third quarter of 2006 and the same period this year.

Average rents for the rest of the state increased modestly, with some areas, like southeastern Colorado and parts of Colorado Springs, reporting declines in average rents.

"The fact that every region is different makes this survey all the more important to us," said Susan Kirkpatrick, executive director of the Colorado Department of Local Affairs. "In Colorado, there is no one-size-fits-all when it comes to rental markets."

The Vacancy and Rent Surveys are a service provided by the CDH to renters and the multi-family housing industry on a quarterly basis. The survey reports averages and, as a result, there are often differences in rental and vacancy rates based on building size, location and age, and apartment type. The report's author, Gordon Von Stroh, is a professor of business at the University of Denver.