The apartment vacancy rate had stood at 3.1% in the fourth quarter close. That's the lowest fourth quarter vacancy rate since 1995 when University of Denver professor Gordon Von Stroh had started tracking the market. Von Stroh also prepares a quarterly report for the Denver-area market.
The Colorado Springs vacancy rate had been 2.8% in the third quarter, but it always rises for seasonal reasons in the fourth quarter, Von Stroh says. In fourth quarter 1999, the vacancy rate had stood at 5.1%.
Surprisingly, the average monthly rental rate has dropped to $661.10 from the third quarter's $668.21. But that drop probably won't last, Von Stroh says. With companies such as Intel Corp. expanding in Colorado Springs, the apartment market is expected to remain extremely tight, and rents will rise, Von Stroh says.
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