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Report shows rent on the rise
Posted: 11.10.2011 at 6:26 AM
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COLORADO SPRINGS, COLO. -- Does it feel like you are paying a little more for rent? Chances are, you are.

In a report released Thursday by the Colorado Division of Housing and the Apartment Association of Southern Colorado, Colorado Springs apartment rents have hit an all time high, climbing by 6.7 percent during the third quarter of 2011.

The average rent increased in all types of apartments from efficiency units to three bedroom apartments.

The report's author, Ron Throupe, said "that third quarter showed the largest year-over-year increase in the metro-wide rent in 10 years, and it was also the seventh quarter in a row for year over year growth."

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The average rent also increased in all of the sub-markets of Colorado Springs except in the northeastern section of the city.

The new report also found the apartment vacancy rate in the Colorado Springs metro area rose to 6.2 percent, but that's down from 2010's third-quarter rate of 6.6 percent.

In a release, Ryan McMaken, a spokesman for the Colorado Division of Housing, said the vacancy rate in the city is at the second lowest rate recorded in the past 10 years.

He said a lack of new multifamily construction could encourage the rate to continue to fall.

In a bright spot, McMaken also said El Paso County is one of the counties with the most new multifamily building permits issued this year.

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