Southern Colorado Apartment Rental Market Withstands Covid-19 Crisis

COLORADO SPRINGS, Colo. (KRDO) -- Despite what some larger cities may be seeing, the Colorado Springs apartment rental market isn't seeing a drop in the number of new tenants moving-in, so far.

Laura Nelson of The Apartment Association of Southern Colorado, says some local landlords are surprised the market has not been as hard hit as other areas.

Nelson says military members could have a lot to do with the local market not being as affected.

"Military is our largest form of renters, so they do get an allowance for housing, so we aren't seeing as many people affected as maybe some of the larger cities," says Nelson.

In other areas outside of Southern Colorado, the sudden move-outs by tenants who have lost their jobs amid Covid-19 related layoffs, has forced many property managers to reconsider their prices in order to up their occupancy rates.

Nelson says this is typically the slower season for move-ins, but traffic is expected to pick up in the summer months. She says some rental specials remain from the winter months to try and attract new tenants.

"They may be hoping to attract new residents in the event that people are moving out who have lost their jobs, so they may be trying to fill available units," says Nelson.

Nelson says what's going to make or break properties is the end or extension of the statewide shutdown. 

"Traffic doesn't pick up until school is out, so we may see traffic pick up earlier than normal," says Nelson.