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COLORADO SPRINGS, CO-The local multifamily rental market, stung by rising unemployment and low mortgage interest rates, is continuing to see rising vacancy rates, according to the latest report by Doug Carter LLC, an apartment brokerage company in the springs since 1983. The average vacancy rate in the third quarter rose to 9.1% from 7.2% in the previous quarter, according to the report.

The average rent remains level. However, 55% of the 200 communities that responded to a survey report they’re offering concessions, although Carter notes there’s a trend to offer concessions only on longer leases.

The good news, the company says, is that 1980s vintage property have seen vacancies fall to 6.1% from 7.5%.

In contrast, older properties saw decreasing rents and increased vacancies, up to 8.7% from 7.6%.

Newer properties in the north market area had an average vacancy rate of 12.5%, up from 9.7%.

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