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Colorado Springs apartment rent prices increase; Denver prices decrease

(KOTA)
Published: Aug. 3, 2020 at 11:11 AM MDT
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COLORADO SPRINGS, Colo. (KKTV) - Rent prices in the Springs continue to increase, even as prices in Denver are decreasing.

According to a rent report by the University of Denver, Colorado Springs had an increase in rent prices, along with a decrease in units available, signaling a strong demand for the apartment market.

The overall rent prices increased by about $27, making the average apartment rent about $1,250 in the Springs during the second quarter. Denver’s average rent prices went down about $30.

“This quarter had strong rent growth where other markets such as Denver saw rent decreases,” said Ron Thourpe, associate professor of real estate at DU. “But vacancy went down about as much as Colorado Springs.”

The COVID-19 pandemic did not impact the apartment market too much but did limit access to view units before deciding to rent.

“As the COVID-19 pandemic continues and government relief programs expire or are revised, future rent variations may appear, and we’ll continue to track the trends,” Throupe said.

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