Springs apartment rates highest ever (Denver, Colorado Springs: real estate, 2013, affordable apartments)

[davebarnes]

Springs' rental rates up 14 consecutive quarters | Inside Real Estate News

"Apartment rents in Colorado Springs rose to an all-time high in the second quarter, according to a report released today by the Colorado Division of Housing. The apartment vacancy, meanwhile, fell to the lowest rates since the third quarter of 2001.
The report by the housing division and the Apartment Association of Southern Colorado, showed the average monthly rent in the Colorado Springs metro area rose year-over-year for the 14th consecutive quarter during the second quarter, climbing 3.9 percent to $807.
The second-quarter average rent was up from $776 in the second quarter of 2012, and was up from this year’s first-quarter average rent of $787."


there is more

[gn3]

No doubt, our two big fires made at least a minor contribution.

[otowi]

Have they built any apartments anywhere recently? I'm just curious, but living down in Fountain/Security/Widefield, apartments don't even seem to be on the radar of builders.

[beezle1]

Yes, seeing new apartments being built off Powers, behind the theaters I think? And some further north on Powers.

[Terytee]

Yup, different topic altogether I guess, but I don't see how those apartments on the (corner of Tutt and Carefree), aren't going to create massive traffic issues at that already very busy intersection.

And why anyone would want to live there, right off the road, with all the street noise as well?
I just don't get it. Seems to me, to be the worst place to stick and overwhelming apartment complex, but no one consults me about these things. :-)

[midwestecon]

Colorado Springs is still a much more affordable city then Denver and Fort Collins when it comes to rentals. Even though rental prices have increased, it is still one of the most affordable cities not only the state but also the western US.

The last time I was in Colorado Springs earlier this year I noticed many apartment buildings with specials banners. Denver has waiting lists for expensive market rate apartments because of the high demand. Fort Collins on the other hand is literally a landlords paradise where the landlord can practically name the price.

There are still many reasonable enclaves of affordable apartments in Colorado Springs along Constitution, Old Colorado City and the 1960s era apartment complexes around UCCS.

Denver virtually has no affordable areas left. Even in SW Denver and Sheridan rents on 1 bedroom apartment tend to be close to $700 a month plus utilities. Capitol Hill and the nicer areas modest 1 bedrooms are usually $800 or more monthly with waiting lists.

In Colorado Springs, most of the 1960s era complexes in decent shape in decent areas near UCCS start at around $500.