Why on earth is Colorado Springs catching up to Denver on rents? (real estate market, 2015)

[MsMetal]

Last I heard, this is from a realtor I spoke with last year, less than 1% vacancy rate. Some of which I've been told is attributable to the fires. So few options that they can raise the prices.

[Vision67]

If you look around the north part of Colorado Springs you will find many new apartment complexes being built and about to be completed.

As that adds several thousand new units to the inventory, rents will stop rising; heck, they might even drop.

Prices are always set on the margin. I've seen this cycle many times. Prices are just the balance between greed and fear.

[otowi]

Originally Posted by Mike from back east

Overflow from Denver?

I do think there is some of that but I am not sure how much. I have heard of people making the commute because they felt priced out of the Denver market or that it was just too hot of a market with properties selling too fast at way over listing. I've also heard people decide that the north Springs had higher quality-of-life factors that mattered to them most like view and crowdedness (although I don't know about that crowdedness thing - I do think in general the Springs is less crowded, but it is still crowded and the north end particularly so and if you spent all your time up there and commuted to Denver I am not sure you'd really be gaining that much) And I also think there are plenty of people who decide in the opposite direction for quality of life factors - it just depends on priorities.

[Vision67]

A lot of people who are now moving to Colorado Springs make their living by using the internet. All they need is a home office and a good internet connection. That gives them the freedom to live anywhere. They are choosing Colorado Springs for the views and lifestyle.

The good news is that they don't commute. They can avoid and not contribute to the rush hour congestion.

[DoodlemomCoS]

Originally Posted by Vision67

A lot of people who are now moving to Colorado Springs make their living by using the internet. All they need is a home office and a good internet connection. That gives them the freedom to live anywhere. They are choosing Colorado Springs for the views and lifestyle.

The good news is that they don't commute. They can avoid and not contribute to the rush hour congestion.

This is us. Husband telecommutes. We came for the proximity to Denver for the children's hospital and for the schools that have really good special needs programs. The beautiful views are An added bonus. Every morning when I take the kids to school I am inspired by the natural beauty all around me. For us, the location is hard to beat. Except for the fires. We really worry about them.

[Vision67]

Originally Posted by DoodlemomCoS

This is us. Husband telecommutes. We came for the proximity to Denver for the children's hospital and for the schools that have really good special needs programs. The beautiful views are An added bonus. Every morning when I take the kids to school I am inspired by the natural beauty all around me. For us, the location is hard to beat. Except for the fires. We really worry about them.

If you haven't done it yet, visit the Garden of the Gods at opening time. Take a hike. What an inspiring view!

[DoodlemomCoS]

Originally Posted by Vision67

If you haven't done it yet, visit the Garden of the Gods at opening time. Take a hike. What an inspiring view!

Will do. Haven't done it it the morning but have gone midday. My dad is a photographer and every time he comes up from Albuquerque he is out taking pictures. He's been all over fox run park and Monument. Looking forward to taking him to Manitou.

Back to the discussion, my folks are having difficulty finding a place to buy up here. There are so many offers on the first list day. Moving from out of town is hard. We actually had a hard time as well and that was almost a year and a half ago!

[DrDog]

Originally Posted by lovecrowds

I think it is so strange how apartments in the older complexes in metro Denver can be rented for less then Colorado Springs!

Colorado Springs is still extremely weak economically compared to Denver. Home prices are very affordable in Colorado Springs but apartments can actually be rented for cheaper in metro Denver.

I have noticed some fairly major declines in rents in East Denver/West Aurora and Capitol Hill. Some apartments are renting for less then $800/mo which I thought would never happened.

A year or two ago, these apartments were around $1000/mo.

The rents in Capitol Hill are especially staggering because it is one of the most lively neighborhoods in the Western United States yet the rents seem to be decreasing.

Colorado Springs on the other hand is very interesting. The apartments advertised seems to be rapidly decreasing and the rents are soaring.

I have noticed some of the apartment complexes that have had maybe some fresh paint but are from the 1950s and 1960s are going for in some instances over $1000/mo in Colorado Springs.

Even in less desirable areas $850-$900 a month for an apartment seems common, those same apartments can actually be rented for a little less in comperable neighborhoods in Denver like Thornton and Aurora.

I think the scenery is some of the best in the west in Colorado Springs but the city really hasn't had the type of update that Denver has had.

Simple supply and demand. Call some apartment complexes. They'll only have a few apartments available. Btw, if you live in Gilbert, what prompted you to worry about rent in COS?

[Timmyy]

Originally Posted by Mike from back east

Overflow from Denver?

I was about to say the same thing. I have a few people here at work that have bought down in the Springs in the last year because it cost so much less.

[abcdefg567]

We moved from Denver because we like it much better & husband can work remotely for most of his job. We both grew up there and wanted a change that was still drivable for our extended family.

Even if we have to move back to Denver at some point, which is a very real possibility, we're keeping our house here as a rental and to possibly retire to. I want options.

I love it here in comparison. It feels much less crowded to me whether that's true or not. It smells nice, my asthma is better (pollution?), Garden of the Gods is amazing, Pikes Peak is beautiful, and our mortgage is lower than the rent we've paid since 2012. It's actually $700 less than our average 2 bedroom apartment was in 2013. We could probably afford it if we both worked at Walmart.

I've met lots of Denver transplants in our short time here, but it does seem like retired people love it. Maybe it's a combination of many factors driving the rents up?