Overall, the 12.5% vacancy rate is down from the 13.4% in the first quarter, but is 10% higher than a year earlier, Carter notes. The average rent is $604 per unit, per month, which translates into 74 cents per sf.

"Colorado Springs' second quarter average rent, with rent concessions included in the calculation, is slightly lower than the last quarter and is 4% below the average of one year ago," states the report.

For communities constructed pre-1980, the average vacancy rate is 13%, down from 14% in the first quarter. The Rustic Hills area has the lowest vacancy rate at 10%, while the South Central, Security/Fountain and the West areas have highest vacancies at 17%, each. Still, this is an improvement for the Security/Fountain area, which had a 20% vacancy rate in the first quarter.