Colorado

Apr 19, 2010 3:11 PM

Apartment vacancy rate drops

A new report says the apartment vacancy rate in the Colorado Springs area for the first three months of 2010 was the lowest reported since 2001.

A survey released Monday by the Apartment Association of Southern Colorado and the Colorado Division of Housing says the first-quarter vacancy rate was 6.9 percent, down from 11.7 percent a year ago. It was 5.4 percent in the third quarter of 2001.  Average rent for the first quarter was $710.07, which is the highest reported in that quarter since at least 2004.

University of Denver business professor Gordon Von Stroh says the Colorado Springs area has been affected by more soldiers moving in, with little new construction of multifamily units.

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