'Widespread' Softness Defines Market

from Colorado Real Estate Journal | by Jennifer Hayes | April 30, 2014

Widespread softness marked the Colorado Springs apartment market in the first quarter of 2014.
Apartment Insights recently released its Statistics/Trends Summary for the first three months of the year in which it noted vacancy rose, absorption dropped and rents saw a slight increase.

“Vacancy increased in most categories, including affordable properties, absorption was negative and concessions increased, more than offsetting the increase in rents,” explained Doug Carter of Sperry Van Ness/Doug Carter LLC, who co-authored the report with Cary Bruteig of Apartment Appraisers & Consultants. “Although long-term trends remain positive for the area, the recovery continues at an uneven pace.”

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Examiner.com: Colorado Springs Apartment Vacancy Rate Falls to 6 Percent, Rents Rise

The average rent in the Colorado Springs metro area rose year over year for the tenth quarter in a row, climbing 2.3 percent during the second quarter to $776. According to a report released today by the Colorado Division of Housing and the Apartment Association of Southern Colorado, the average rent for the region was up from $759 reported during the second quarter of last year, and was also up from 2012’s first-quarter average rent of $754.

The average rent increased year over year in all sub-markets measured during the second quarter except the Southeast region where the average rent fell 5.1 percent to $638. The average rent increased the most in the Security/Widefield/Fountain region where it was up 7.9 percent, year over year, to $622.

“The rent growth in the metro area continues, but the rate of increase has fallen off recently,” said Ron Throupe, a professor of real estate at the University of Denver’s Burns School of Real Estate and Construction Management, and the report’s author. “The weak employment situation in the region is not ideal for pushing rents, so we’re seeing some moderation there.”

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