Thanks in large part to new army troops arriving at Fort Carson from Fort Hood in Texas, the area vacancy rate dropped to 8.6%, down from 9.2% for the same period in 2008.
Ironically, in the areas nearest Fort Carson, the vacancy rate stood at 16.9% in the 3rd quarter. Even though that was higher than most parts of the Springs, it was down considerably from the 36.3% rate in the 3rd quarter of 2006.
Unfortunately for property owners, the decreased vacancy did not lead to higher rental rates. The average rate at the end of the quarter was $695.40 a month, down from $717.65 in the 2nd quarter of 2009.