According to University of Denver business professor Gordon Von Stroh, who authored the Housing Division report, the apartment vacancy rates in Colorado Springs was around 8.7 percent for the fourth quarter of 2009.
There are a few reasons why apartments were filled with occupants in 2009. Factors include more troops to Fort Carson who decided to rent versus purchase Colorado Springs Real Estate; there was lack of public funded new construction projects on local apartment building; and more people were concerned about the status of their job security.
To my knowledge, as a Colorado Springs Realtor, I am unaware of any new apartment construction to occur, at least on the northwest side of Colorado Springs.
Average apartment rents hovered around $712.00 from what is reported by the Housing Division report. Personally, for the quality of apartment to rent, the prices can easily be around $1,200 per month. The question remains. Rent or Buy?
With the Colorado Springs Real Estate existing listing inventory continuing to shrink (down to 3,400 on the market for El Paso County), I anticipate that Colorado Springs Realtors will see an influx of buyers to the market.
