Springs apartment vacancies fell in second quarter

Apartment vacancy rates fell to 9.8 percent in the second quarter in Colorado Springs, according to the Colorado Springs Metro Area Apartment Vacancy and Rent Study prepared for the Apartment Association of Southern Colorado and the Colorado Division of Housing. That’s down from a 10.2 percent vacancy rate in the second quarter a year ago and an 11.7 percent vacancy rate in the first quarter of 2009.

Rental rates are climbing as vacancies fall, with the average rate rising to $717.65 per month, up from $693.46 in the first quarter and up $11.14 from the second quarter a year ago.