Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.