Springs apartment rates highest ever

Apartment rents in Colorado rose to an all-time high in the second quarter, according to a report released today by the Colorado Division of Housing.

The apartment vacancy, meanwhile, fell to the lowest rates since the third quarter of 2001.

The report by the housing division and the  Apartment Association ofSouthern Colorado, showed the average monthly rent in the Colorado Springs metro area rose year-over-year for the 14th consecutive quarter during the second quarter, climbing 3.9 percent to $807.

The second-quarter average rent was up from $776 in the second quarter of 2012, and was up from this year’s first-quarter average rent of $787.

The average rent increased year over year in all regions except the Northeast where the average rent was flat. The largest increase in the average rent for any region of the Colorado Springs area was found in the Southeast where the average rent increased 12.2 percent from $638 during the second quarter of last year to $717 during the same period of this year.

The Security/Widefield/Fountain regional also reported a sizable increase in the average rent, with an increase of 6.6 percent from $622 during the second quarter of last year to $664 during the second quarter of this year.

Average rents for all market areas during the second quarter of this year were: Northwest, $872; Northeast, $753; Far Northeast, $901, Southeast, $717; Security/Widefield/Fountain, $664; Southwest, $821; Central, $777.