Colorado Springs Apartment Rents Soar Again, Hit Another Record High

Colorado Springs-area apartment rents soared to another record high during the third quarter - breaking the $1,000-a-month barrier for the first time, a report from the Colorado Division of Housing and Apartment Association of Southern Colorado shows. The local apartment vacancy rate also fell to a nearly 16-year low in the third quarter, according to the report. The desire for apartments by millennials and empty nesters, combined with a tight supply, have stoked demand and driven rents to record levels, industry experts have said.