COLORADO SPRINGS, Colo. (KRDO) - According to data published during the fourth quarter of 2023 sponsored by the Colorado Housing and Finance Authority, the apartment vacancy rate for Colorado Springs sits at an average of 7.5%.
Colorado Springs might soon experience a significant drop in apartment rental rates. With over 15,000 units either planned or on the horizon, it's no surprise that this could be great news for consumers seeking more affordable rent options.
As of June 2024, the average rent in Colorado Springs, CO is $1,310 per month. For comparison, the national average rent price in the US is currently $1,518/month, which means Colorado Springs rent prices are 14% lower than the national average.
The landlord must give written notice to the tenant by personally serving or posting in a conspicuous place the notice called "Demand for Compliance or Possession." This notice gives the tenant a choice of paying in three days the full amount of the rent that is due or giving up possession of the unit within three days ...
The Common Sense Institute (CSI) today released a study on housing affordability in Colorado Springs. It found that increased demand and lagging development have created a significant housing shortage and a major decline in affordability. According to the report, the city has a shortage of up to 27,360 housing units.
The cost of living in a certain city takes into account both the price of rent and the price of a home. The average monthly rent in Colorado Springs is $1,527, while home prices circle around $528,019.
The vacancy rate is the percentage of all available units in a rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time. A vacancy rate is the opposite of the occupancy rate, which is the percentage of units in a rental property that are occupied.
Almost 80% of total vacancies in the Denver market are multi-family type properties. With less demand and more supply, the net effect is that multi-family rents are going down. These numbers show that the year over year increase in rental rates for single-family homes is less than 2%.
Within the Denver metropolitan area, median rents ranged from $1,567 in Westminster, to $2,961 in Highlands Ranch. The vacancy rate in the Denver metropolitan area for the fourth quarter of 2023 was 5.60%. This represents an increase of 0.40 percentage points from the previous quarter.
Introduction: My name is Mrs. Angelic Larkin, I am a cute, charming, funny, determined, inexpensive, joyous, cheerful person who loves writing and wants to share my knowledge and understanding with you.
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