Highlights:
- Average rent in Colorado Springs approaching $800.
- Vacancy rate at 7.1%.
- Far Northeast has highest rents.
The average rent in the Colorado Springs metro area rose year-over-year for the 12th consecutive quarter during the fourth quarter of 2012, according to a report released today.
The average monthly rent at the end of last year was $790, according to the Colorado Division of Housing and the Apartment Association of Southern Colorado. Apartment Realty Advisors, or ARA, also is a major sponsor of the report.
The average rent was $775 reported during the fourth quarter of 2011 and $787 in the third quarter of 2012.
“The average rent hit a new all-time high for the region during the fourth quarter, but there are nevertheless signs of softness in the market,” said Ryan McMaken, economist for the Colorado Division of Housing. “The rental increases were not large during the fourth quarter, but vacancy rates inched up in the fourth quarter, possibly in response to rent growth.”
The median rent rose year-over- year to $766 during the fourth quarter, rising 3.2 percent from 2011’s fourth-quarter median rent of $742.
The average rent increased year over year in the Northwest, Southwest and Central regions.
All other submarkets reported drops in the average rent in the fourth quarter, on a year-over-year basis.
The largest drop in average rent was found in the Northeast region where the average rent dropped 2.9 percent.
The largest increase in the average rent was found in the Central region where the average rent increased 2.6 percent, year-over-year.
The Far Northeast was the submarket with the highest average rent at $880 during the fourth quarter of 2012.
During the same period, the lowest average rent was found in the Security/Widefield/Fountain submarket where the average rent was $598.
Average rents for all market areas during the fourth quarter of 2012 were:
- Northwest, $841.
- Northeast, $721.
- Far Northeast, $880.
- Southeast, $704.
- Security/Widefield/Fountain, $598.
- Southwest, $808; Central, $718.
The apartment vacancy rate in the Colorado Springs metro area rose year over year to 7.1 percent during the fourth quarter of 2012, rising from last year’s fourth-quarter vacancy rate of 6.7 percent. Last year’s fourth-quarter rate also rose from the third-quarter rate of 6.1 percent.
From the fourth quarter of 2011 to the fourth quarter of 2012, the vacancy rate fell in the Northwest, Southeast, Central and Security/Widefield/Fountain submarkets. During the same period, the vacancy rate rose in the Northeast, Far Northeast and Southeast submarkets.
Vacancy rates for all market areas were:
- Northwest, 4.2 percent.
- Northeast,5.6 percent.
- Far Northeast, 6.6 percent.
- Southeast, 10.1 percent.
- Security/Widefield/Fountain, 2.6 percent.
- Southwest, 4.7 percent;.
- Central, 6.5 percent.
Read more at: http://insiderealestatenews.com/2013/02/apartment-rents-in-springs-rise/
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