Rent growth has slowed in Colorado Springs over the past two years
For the first time in years, I updated the Colorado Springs vacancy and rent graphs. First, let's look at the vacancy rate for the region. During the third quarter of 2019, the Colorado Springs vacancy rate fell to 5.0 percent. That's down from 5.4 percent during the second quarter, and it was down from 5.2 percent as recorded during the third quarter of 2018, one year earlier. 2019's third quarter rate was the lowest vacancy rate recorded since the third quarter of 2016, when the rate was 4.0 percent. This suggests vacancies are in a downward trend at the moment, but there rate isn't exactly at historical lows. Five percent suggests mostly full units, but I wouldn't describe it as an especially "tight" market. Not surprisingly, though, this decline in vacancy in the last two years has come with rent growth — but not a lot of rent growth. From the third quarter of 2017 to the third quarter of 2019, the average rent grew 8.6 percent (or 98 ...