Multi-family vacancy rates continued to fall year-over-year in Northern Colorado, according to the latest data from the Colorado Division of Housing.

In Fort Collins, vacancy rates fell from 6.4 percent in the second quarter of 2011 to 3.5 in the second quarter of 2012. Greeley's vacancy rate fell from 6.7 percent to 5.4 percent over the same period, and Loveland's decreased from 5.2 percent to 3.5 percent.

As they tend to do when vacancy rates drop, rents increased year-over-year in both metropolitan statistical areas. Average rent in Fort Collins increased from $882 per month in the second quarter of 2011 to $1,020 per month in the same period of 2012. This marks the second consecutive quarter that Fort Collins rent has been above $1,000.

Greeley's average rent increased from $649 to $662 year-over-year in the second quarter. Loveland's average rent defied expectation and decreased from $1,045 in the second quarter of 2011 to $876 in the same period of 2012.