Colorado Springs apartments are filling up at higher rates

Available apartments around Colorado Springs are filling up relatively quickly due to an influx of military personnel and a slow-down in city-wide apartment construction.

Apartment vacancies fell to a nine-year low during the first quarter, with a 6.9 percent vacancy rate, according to the recently released report by the Colorado Division of Housing. The reported apartment vacancy rate is the lowest it has been since 2001, when it was at 5.4 percent.

Fort Carson personnel  fluctuations have been tied to the apartment vacancy rates throughout the city, especially affecting the apartment availability closest to the base.

Also affected is the Fountain and Security-Widefield area, which fell from a 28.8 percent vacancy rate to a 14.2 percent vacancy rate in 2009. Similarly, southeast Colorado Springs vacancy fell from 18.6 percent to 9.8 percent last year.

On top of the military influence, apartment construction has slowed in the Springs. The Colorado Springs Apartment Investor links the past several years' diminished construction to the lagging economy. The result is that both newcomers and Colorado Springs locals have fewer apartments to choose from.

RentJungle.com, an apartment research agency, reports, "The cheapest Colorado Springs neighborhoods to rent apartments are Southeast Colorado Springs, Northeast Colorado Springs, and East Colorado Springs."

The research also states, "As of March 2010, average apartment rent within 10 miles of Colorado Springs is $770. One bedroom apartments in Colorado Springs rent for $583 a month on average and two bedroom apartment rents average $757."

The increase in competition for affordable housing is especially poignant for UCCS students on a budget.

RentJungle.com reports that in the last 6 months, "One bedroom units have increased by $13 (2 percent) and two bedroom apartments have increased by $19 (3 percent)."

According to the Center for Business and Economic Forecasting, "There are approximately 172,000 households making at or below $18,000 per year (30 percent of area median income) in Colorado. Looking at the number of rental units available for each household at certain low income levels, there is less than 1 unit available for each household at 30 percent of AMI."

This means that the less income you have, the harder it is to find housing.

The Colorado Division of Housing found, "For every 100 households below 30 percent of AMI (area median income), there are significantly fewer than 100 rental units available. At 25 percent of AMI, for example, for every 100 households, there are 55 units available."

Student Kayce Palmer solves this problem by living in the campus apartments. "I like living on campus because I'm closer to classes, the library and the gym and I don't need to worry about commuting every day," she said.

"Costwise, it's easier for me to use my scholarship to pay for campus housing than to have to get the money and then find a reliable roommate and pay bills and rent every month."