Posted: Oct 8, 2009 6:21 AM by Andy Koen
Updated: Oct 8, 2009 6:21 AM
More people are renting apartments in the Colorado Springs area, and the numbers suggest the recent surge in the ranks at Fort Carson is pushing the trend.
Vacancies in the region fell by a half a percentage point to 8.7 percent in the third quarter of 2009 as compared to a year ago. In Denver, Greeley and Pueblo vacancies all rose.
The the Apartment Association of Southern Colorado and the Colorado Department of Local Affairs, Division of Housing released their quarterly report this week.
It noted the most dramatic change near Fort Carson as the "Security, Widefield and Fountain" area saw vacancies drop by 7.5 percentage points to 16.9 percent.
Housing division economist Ryan McMaken says that drop seems to correlate with the arrival soldiers from the 4th Infantry Division to Fort Carson from Fort Hood, Texas and from overseas deployments.
There are more empty apartments in the "Far Northeast" area which saw a 1.4 percent increase in vacancies in the last year.
McMaken also says more people are also choosing to rent at newer and larger apartment complexes rather than smaller older developments of 50 units or less.
Typically rent prices go up when vacancies drop, but in Colorado Springs the average rent price fell by 4 dollars to $695.40.
Click here to read the full study.