Last year Colorado Springs apartment rent prices hit another record high. The fourth quarter of 2016 was the seventh quarter in a row in which rents set a record.
A Colorado Division of Housing survey of Springs-area landlords showed that average Colorado Springs apartment rates rose to nearly $1,033 a month. This was the seventh quarter in a row with record-breaking rents. Monthly rents were up nearly $91 from the previous year. The Housing Division report also showed that in northwest Colorado Springs, rents averaged around $1,130.60. This was the highest rent in any area. The cheapest average rent was $888.17, found on the southeast side of town. In amenity-filled apartments built after 2010, the average rent was close to $1,360. Older, pre-1959 properties had lower rents closer to $815. While the Housing Division's report shows that Colorado Springs apartment rates are continuing to grow, a different report by Apartment Insights, an online research company, shows that rents may actually be moderating. In the first quarter of 2017, rents averaged $947 a month. This is up $62 from a year earlier, but down $7 from the fourth quarter of 2016. The first-quarter vacancy rate was 5.25 percent, an increase of three-quarters of a percentage from a year ago and a one percent increase from the fourth quarter of 2016.
A deployment of more than 4,000 soldiers from Fort Carson in January may be one factor slowing the market. At the same time, some renters may be leaving apartments and buying houses, while others may simply be leaving the area. A local commercial broker, Doug Carter, told The Gazette that Colorado Springs is still a strong, healthy rental market.
We've seen some slight changes in rents and vacancies. Nothing big. We'll find out over time if the direction of the rental market is changing or we're just bouncing around with a strong, healthy rental market."Experts say that mobile-minded millennials, empty nesters and others looking for smaller spaces have driven the demand for apartments in recent years. This trend is expected to continue. Have you noticed an increase in your rent fees over the past year? Do you think prices are going to level out soon? Let us know in the comments!
