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Rents keep rising
Colorado Springs rents are on the rise
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The Apartment Association of Southern Colorado put out a quarterly document about Apartment rents and vacancies on a quarterly basis. It’s a great document, any for anyone interest in buying Investment Properties in Colorado Springs, it’s well worth reading. Here’s some of the highlights of the report:
- Median rent was $ 740.15 for the second quarter of 2011 compared to $714.14 for the first quarter of 2011.
- The Colorado Springs vacancy rate is the lowest in the Southwest and the highest in the Security/Widefield/Fountain area.
- The highest average rent is in the Northwest and the lowest average rent is in Security/Widefield Fountain Area.
- The average rent for an efficiency apartment is $568 vs. the average rent for a two bedroom/two bath apartment is $945.38
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
Facts, figures, and details from HUD
A Wealth of Information
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HUD sent out a press release last week about their new web site, www.hud.gov/datamap. The new site uses data from the Census Bureau, Labor Department, state and local governments, housing industry sources, as well as HUD’s own field economists. 
One of my my favorite features is that it has an interactive map, where you can click on particular sections of the country. Colorado is in Region VII. Once you get into the market at a glance section, there is an amazing wealth of information, all in easy to read charts. Here’s some of the info I picked up from the site about El Paso County and housing in the US.
- As of 2008, 32% of the population is renters. vs 68% were owners.
- The population in El Paso County as of 2008 was 616,975
- The average rent for apartments in the area was $695
- In the United States, the average price of a house in 2009 was 172,500.
- Homeowner rates increase by the age of the homeowner. As an example, 80% of people over the age of 65 own their own house, vs. 52% for homeowners between the age of 30 to 34.
What I didn’t like about the site is that there are Comprehensive Market Analysis Reports, but the report for Colorado Springs was from 2007, and market conditions have changed immensely from 2007 to 2010.
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To find out more information about buying a home in Colorado Springs or Manitou Springs, call ….
Kathy (719-287-1049) KTorline@msn.com
Renters, do your due diligence
It’s time for Renters to be Careful!
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Sorry to say, with the current foreclosures hitting the Colorado Springs housing market, renters need to do some 
extra homework before they rent a house in Colorado Springs. There have been a variety of stories that have hit the local news media about renters moving into a house that is going into foreclosure, then they get evicted. Here’s a couple of steps that a renter can do to help them prevent from being evicted for no fault of their own.
- Check the El Paso County Assessors office (www.elpasoco.com) and see who owns the property. Make sure you are actually talking to the landlord (owner) of the property. If you are talking to a management company, make sure they are authorized to rent the property.
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There have been a couple of occasions where renters have paid their rent payment and deposit to people who don’t even own the property. Essentially they “take the money and run”.
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- Check the Public Trustee office in El Paso County (www.elpasopublictrustee.com) and make sure the property isn’t going through foreclosure. Read the rest of this entry »
