Colorado Springs-area apartment rents, which set a record high in the third quarter of last year, took a breather in the fourth quarter, according to a report from the Colorado Division of Housing and the Apartment Association of Southern Colorado.
MONTHLY RENTS: Apartment dwellers paid an average $1,203.59 during the fourth quarter, a decline of nearly $28 from the third-quarter record of $1,231.24. The drop was attributed to seasonal factors; rents often fall late in the year as demand slows for apartments. Despite that decline, fourth-quarter rents still rose almost $54 on a year-over-year basis.
HIGHEST: Renters in northwest Colorado Springs shelled out the most, paying an average $1,325.81 a month in the fourth quarter. Apartments constructed since 2010, which typically are part of sprawling suburban complexes and loaded with amenities, commanded average rents of $1,466.02 a month, also tops in the area.
LOWEST: The cheapest apartment rents of $1,097.08 were found on the city's southeast side. Buildings constructed in the 1970s fetched the lowest average rents of $1,009.50 a month.
VACANCIES: The Springs-area vacancy rate increased to 5.8% in the fourth quarter from 5% in the third quarter as fewer people sought apartments late in the year. The fourth-quarter rate was down from 6% during the same quarter last year.
MORE APARTMENTS: Builders and developers added a total of 1,245 apartments to the local market in 2019. That was up from 1,135 in 2018, but down from 1,521 in 2017.
Rich Laden, The Gazette