According to a report released last week by the Apartment Association of Southern Colorado and the Colorado Department of Local Affairs’ Division of Housing, the first quarter’s rate of 6.9% is the lowest vacancy rate recorded since the third quarter of 2001 when vacancies were 5.4%. The very next quarter of 2001 saw the vacancy rate jump to 8.9%, and it’s been above 8% ever since.
Most of the credit for the improved stats goes to the influx of soldiers into Fort Carson. We’ve been hearing about this troop consolidation for several years now, but it appears to be finally happening. Although, interestingly enough, the lowest vacancy rates of 4.5% to 5.1% are found in the northern part of town, far from Fort Carson on the southern edge. In fact, the areas nearest the Post still have a vacancy rate of 14.2%, although this is a considerable improvement, since it has been over 20% in recent years.
In spite of the good news on the vacancy front, new jobs are still scarce, so rents are staying put, averaging about $710 for the first quarter of this year.