And, for the first time in the tracking, the average monthly rent in outlying communities has topped $750. University of Denver professor Gordon Von Stroh, who prepares the report, has determined that average monthly rents go from a low of $399.31 in rural Alamosa to as much as $1,000.71 in Eagle County, which includes Vail and Beaver Creek. Eagle County had even outdistanced Aspen, where the average rent is $953.72. In Colorado Springs, the average rent has come in at $641.70.

"The average rent is only up about $30 a month, which is not that much," Tom Hart, Colorado Department of Local Affairs director, tells GlobeSt.com. "We expected to see more of an increase. I don't think everyone is charging for the increased utilities costs yet. Over the course of the next six to nine months owners will start raising rents. I think we're going to see some significant increases."

That, of course, is bad news for renters, he says. On the other hand, the falling vacancy rates indicate the economy remains strong, despite signs of softening.