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Rentals Decline, Rates Increase In Colorado Springs Area

By: KKTV
By: KKTV

A new report shows that rent is rising as rentals decline in the Colorado Springs metro area.

The average rent in Colorado Springs grew year over year for the 13th quarter in a row during this year's first quarter - climbing 4.4 percent to $787.

A report released today by the Colorado Division of Housing and the Apartment Association of Southern Colorado revealed the average and median rent for this year's first quarter as well as average rent in different regions.

Average rent (Metro) Q1 2012: $728 Q4 2012: $790 Q1 2013: $787

Median rent (Metro) Q1 2012: $728 Q1 2013: $760 (+4.4 percent)

Change in rent averages:
Northwest +17.9 percent
Southeast +8.6 percent
Security/ Widefield/Fountain -2.3 percent

Average rents:
Northwest $927
Northeast $731
Far Northeast $860
Southeast $701
Security/ Widefield/ Fountain $601
Southwest $802
Central $746

Apartment vacancy rates:
Q1 2012: 6.4 percent Q4 2012: 7.1 percent Q1 2013: 5.6 percent
Northwest: 3.7 percent
Northeast: 5.6 percent
Far Northeast: 6.5 percent
Southeast: 7.3 percent
Security/ Widefield/ Fountain: 5.9 percent
Southwest: 4.5 percent
Central: 4.7 percent

From the first quarter of 2012 to the first quarter of 2013, the vacancy rate fell in the Northwest, Southeast, Southwest and Central submarkets. During the same period, the vacancy rate rose in the Northeast, Far Northeast and Security/Widefield/Fountain submarkets.

For more information you can visit the Division of Housing's economics blog at www.divisionofhousing.com.


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