For the eighth quarter in a row, the vacancy rate in Colorado Springs has gone down, this time to 5.8%. The last time it was this low was in the third quarter of 2001 when it was at 5.4%.
As you’d expect, when the vacancy rate drops, the average rent goes up. Last year the average rent in Colorado Springs was $710. Now that same unit goes for $737, a 3.7% increase. In fact, the average rent has gone up for five quarters in a row, year over year.
These were just a couple of the facts in the new report released by the Apartment Association of Southern Colorado and the Colorado Division of Housing.
According to Ryan McMaken, a spokesman with the Division of Housing, “It’s taken 10 years for the vacancy rate to return to where it was before the 2002 recession hit Colorado, but with so little new construction, and with a continued troop presence in the region, it looks like rates may stay low, at least in the near term.”
- Reis: Apartment Vacancy Rates fell sharply in Q1, Lowest in almost three years (calculatedriskblog.com)
- Analyst: Rising rents signal hope for housing (lansner.ocregister.com)