Monday, May 7, 2007

Plenty of room at the inn, er, apartment

Renters are having little trouble finding an apartment in the Colorado Springs area, especially if they look south of town. A new survey found 11.4 percent of the area's 43,700 apartments were vacant during the first quarter of 2007, down from 12.6 percent in the fourth quarter of last year, but up from 10.6 percent in the first quarter of 2006.

Because of Fort Carson deployments, vacancies were highest near the southside post; the first quarter vacancy rate was 24.3 percent for apartments in the city of Fountain and the unincorporated areas of Security and Widefield. The Springs' southeast side had a first-quarter vacancy rate of 14.5 percent.
Apartments were hardest to find in the central area of the city, where the vacancy rate was 9.2 percent.

First quarter rents across the metro area averaged $705.23 a month in the first quarter, up from $691.53 in the fourth quarter of 2006 and $703.10 in the first quarter of last year. The report was released by the Apartment Association of Colorado Springs and conducted by Denver University business professor Gordon Von Stroh, whose surveys are done in conjunction with the Colorado Division of Housing.

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