Colorado Springs apartment rents on the rise

As the Colorado Springs apartment market gets tighter, rents are rising.

The average rent in the Colorado Springs metro area rose year-over-year for the 10th consecutive quarter, climbing 2.3 percent during the second quarter to $776, according to a report released today by the Colorado Division of Housing and the Apartment Association of Southern Colorado.

Meanwhile, the second-quarter vacancy rate declined to 6 percent, falling from 6.4 percent from the same period a year ago.

The average rent increased year-over-year in all submarkets measured except the southeast area, where average rent fell 5.1 percent to $638.

“The rent growth in the metro area continues, but the rate of increase has fallen off recently,” said Ron Throupe, a professor of real estate at the University of Denver’s Burns School of Real Estate and Construction Management. “The weak employment situation in the region is not ideal for pushing rents, so we’re seeing some moderation there.”