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Colorado Springs Market Booming

COLORADO SPRINGS, CO-More jobs, more multifamily permits and more development make Colorado Springs more economically vibrant than ever. Like any other city, the strong market is a result of job creation.

By John Rebchook | Updated on January 02, 2001

COLORADO SPRINGS, CO-The Colorado Springs market is about as healthy as it has ever been, shows a report by Hendricks & Partners.

At the end of the third quarter, the overall multifamily vacancy rate is standing at a mere 2.8%, down from 4.1% a year ago. Of the various submarkets, the southeast had the lowest vacancy rate of 1.7% in comparison to 4.7% a year ago. The average monthly rent has risen 12.2% to $668, compared with $595 a year ago. Depending on the age of the complex, projects had sold for as little as $29,415 per unit to $80,483 per unit. The market has added 355 units in the third quarter – compared to only 90 units in the same period a year earlier, according to Hendricks & Partners. Permits also have soared, with permit activity rising to 635 units in comparison to 90 in third quarter 1999.

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