The economy in Colorado Springs has experienced remarkable growth this year -- especially in terms of residential real estate and the rental value of apartments. There has been a 7 percent increase in rental income from apartments, and a 4 percent market vacancy for apartments. The growth has attracted investments from Denver and the West Coast, who currently have their sights on Colorado Springs as a profitable real estate investment opportunity.
Real estate industry experts are saying that the boost to the Colorado Springs real estate economy is all about job growth and population growth. The managing director of Sperry Van Ness says that increasing job growth will result in high occupancy rates in Colorado Springs apartments. Rents in Colorado Springs remain affordable, the director says, and there is room for these rents to increase. Due to the affordability of Colorado Springs compared to Denver, more people are choosing to live in the area.