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Rents hit record high

Wed, Jul 27, 2011

News

Rents reached an all-time high in Colorado Springs in the second quarter of this year.

The Colorado Division of Housing released a report today that showed a 5.5 percent year-over-year increase in the average rents.

Apartment vacancy rates have been falling in the last two years and bottomed out in the first quarter of this year at 5.8 percent. Those low rates have allowed property owners to get rid of concessions and incentives for renters and raise their rates, said division of housing spokesman Ryan McMaken.

The average rent in Colorado Springs rose to $759 in the second quarter of 2011. The average was $737 in the first quarter and $719 in the second quarter of 2010. The median rent also rose about 8 percent to $740 from $684 in the second quarter of 2010.

McMaken said the relative close median and average rents indicate that the increase is balanced and is occurring across all property classes.

While still low, the vacancy rate ticked up to 6.4 percent from 5.8 percent a year ago and in the first quarter of this year.

McMaken said the uptick could be credited to some movement among renters who feel pressure from property owners that have pushed the rents upward.

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