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Old 02-10-2021, 04:40 AM
 
Location: Colorado Springs
6,231 posts, read 6,701,259 times
Reputation: 21587

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Fourth-quarter apartment rents climb again in Colorado Springs

https://gazette.com/business/fourth-...0ef448e2c.html

"Colorado Springs-area renters continued to pay more for apartments at the end of last year.

The average rent for a local apartment rose to $1,265.92 a month in the fourth quarter — shy of a record, but still $62.33 higher on a year-over-year basis, according to a survey of apartment owners and landlords by Ron Throupe, an associate business professor at the University of Denver's Daniels College of Business, and Jennifer Von Stroh of Colorado Economic & Management Associates in Denver.

Fourth-quarter rents last year dipped almost $11 from the third quarter. But fourth-quarter costs traditionally decline from the third quarter because landlords see fewer renters late in the year and therefore lower rates to woo tenants, said Laura Nelson, executive director of the Apartment Association of Southern Colorado.

The Springs-area apartment vacancy rate, meanwhile, dropped to 4.9% during the period, a decline from 5.3% in the third quarter and down from 5.8% a year earlier, the report by Throupe and Von Stroh shows.

A higher fourth-quarter vacancy rate might have been expected, since that's when the demand for apartments slows. The COVID-19 pandemic, however, might have caused more renters to stay put in the fourth quarter, which led to a tighter supply of available apartments, Throupe said in comments accompanying the report.

In general, the demand for all types of housing remains strong, and the apartment market is no different, Nelson said. The demand for apartments has been driven, in part, by millennials who don't want to be tied to a mortgage and empty nesters who want maintenance-free living, industry experts have said.

"It's a very hot housing market all the way around, including apartments," Nelson said.

Developers have taken notice, too.

Several out-of-state real estate companies are building apartment complexes in Colorado Springs, whether in suburban areas or downtown. In 2020, developers added 1,172 apartments to the market — 73 less than in 2019, but 37 more than in 2018.

"There's plenty to come," Nelson said. "There's a lot on the horizon. It is just a high demand area."

As part of their rent and vacancy report, Throupe and Von Stroh asked owners and landlords about the status of rent payments by their tenants during the fourth quarter. The majority of respondents said less than 5% of renters were delinquent.

Local, state and federal assistance programs likely have helped many renters make their payments on time, Nelson said.

"The state of Colorado and the city and the county have done a really good job of moving those funds quickly, from HUD (U.S. Department of Housing and Urban Development) and the various forces that they're coming in from," she said. "There are funds out there and there's more coming, and we hope they'll continue because we don't know when this pandemic's going to be over.""
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Old 03-13-2021, 08:46 PM
 
144 posts, read 63,890 times
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Quote:
Originally Posted by Sonic_Spork View Post
Well, OK, it IS cheaper here for housing, then. I'm pretty sure you can get a decent townhome for under $2K/month here, still. Though I have not really looked lately, in this area, since I'm about to move to Phoenix, I've been looking there. I got into a lease I am very, very happy with, in 2017, and part of the agreement was that they would not raise rent more than 5%/year on us. Excellent considering the apartment I moved from has gone up 11%/year since then.

At this point, I am paying about $1370/month for a townhome in a decent area, it's actually sandwiched between an extremely NICE neighborhood and a somewhat sketchy apartment building...we do that a lot, here in the Springs, putting the nice areas and the questionable ones cheek by jowl, rather than having a "hood" as many cities do. It has a master bedroom and two small bedrooms upstairs, and a bigger "bedroom" (or whatever) and bathroom in the finished basement, and a single car garage. 3 1/2 baths. It really feels like a whole lot of living space for the price, and I'll be sad to leave it. Bet they jump the rent up the minute we're out, though. I might peek around for the listing to see how much of an increase they're asking for, just out of curiosity, when the time comes.
My cousin lives in the Phoenix area and he loves it there. He is a retired vet of the AF and a retired police officer. He was stationed there in the AF and when he got out he stayed. My mom live in Vegas. I don't mind visiting but too hot in the summer. Enjoy AZ.
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Old 03-15-2021, 08:38 AM
 
1,256 posts, read 1,453,425 times
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seems everyone is moving to Phoenix..
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Old 03-26-2021, 04:14 AM
 
Location: Colorado Springs
6,231 posts, read 6,701,259 times
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$14,000,000 available to Colorado Springs renters and landlords

https://krdo.com/news/2021/03/25/140...and-landlords/

"COLORADO SPRINGS, Colo. (KRDO) -- More help is available for Colorado Springs residents struggling to pay their rent through the Emergency Rental Assistance Program. The collaboration between the city and the state could not come at a better time, with the CDC's eviction moratorium expiring at the end of March.

About $14 million in federal relief funds are available to landlords and renters who can prove the pandemic has caused them financial hardship.

“They need to be able to show they have a reduction in their income," said Steve Posey, Community Development Manager for Colorado Springs. "If they’ve been unemployed, they can use that as documentation. If they have an eviction notice, they can also use that, as well.”

Since the beginning of 2021, around 300 households in El Paso County applied for assistance directly through the state, with the state providing around $2,000,000 in relief.

Because of the high demand, the city collaborated with the state to allocate millions specifically for Colorado Springs residents.

Eligible applicants must have the total household income at or below 80% of the area median income. For a family of four, that means you can’t make much more than $5,000 a month.


Officials didn’t have a hard date as to how long funding will last, but they don’t think it will past this year.

“I think that this current round of funding will get us through the rest of the spring, and hopefully on into summer,” said Posey.

Apply for the Emergency Rental Assistance Program here."

https://coloradosprings.gov/communit...tate-and-local
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Old 03-26-2021, 10:10 AM
 
1,256 posts, read 1,453,425 times
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some good news, for COS as Vision 67 posted but April will be an interesting month, Roughly 10.6 million people will lose unemployment benefits by April 11 without more Covid relief, according to The Century Foundation. In which case we might start the downward slide into another depression.
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Old 03-27-2021, 11:55 AM
 
329 posts, read 188,819 times
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It costs a bit much to rent in the Springs. Some areas are not too bad though. It's all about location. However, it's not what I would call a great deal for a town of this size and general wages.
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Old 03-30-2021, 08:27 AM
 
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now is the time to buy in Pueblo !
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Old 05-08-2021, 01:34 PM
Status: "Bye to Pueblo West" (set 12 days ago)
 
1 posts, read 98 times
Reputation: 15
Rent in Colorado Springs has at least tripled since we rented our home in 2007. Now I'm a widow, it's not affordable anymore. Our mistake, we should have bought. Pricing me out (Even Pueblo West with its dust and wind) so no, not crazy for wanting to move Back East. Ask folks who came here years ago. There *is* a honeymoon period.
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Old 05-10-2021, 07:42 AM
 
1,256 posts, read 1,453,425 times
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The sad truth ....
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Old Today, 05:04 AM
 
Location: Colorado Springs
6,231 posts, read 6,701,259 times
Reputation: 21587
Apartment rents in Colorado Springs soar to another record high

https://gazette.com/premium/apartmen...c21ce41c4.html

"The average monthly rent for a Springs-area apartment climbed to $1,333.69 between January and March, a nearly $115 increase from $1,218.94 during the same period in 2020, according to a survey of multifamily owners and landlords by Ron Throupe, a University of Denver associate business professor, and Jennifer Von Stroh of Colorado Economic & Management Associates in Denver."
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