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Southern Colorado Apartment Rental Market Withstands Covid-19 Crisis

April rent looms

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.

Colorado Springs / Local News

Mia Villanueva

Mia is a weekday reporter for Good Morning Colorado. Learn more about Mia here.

Comments

11 Comments

  1. It’s probably not move out its probably landlords evicting them.which is sad due to they probably lost there job.

    1. An eviction can only occur with an order signed by a district court judge. If a person fails to pay rent then a landlord must place a notice to pay or quit on the door. After 4 business days and if their is no response the landlord then and only then can file for a Forcible Entry and Detainer which the court form asking for an eviction. It must be served by a process server and copies mailed as well. The form when you receive it has a section where the tenant can contest the eviction so you will be heard on the same day. The court date is about 30 days away.
      A landlord CANNOT change locks, seize your property or shut off utilities to force a tenant out, these are all illegal. If you missed paying rent you can still stay in your home. The landlord has no Right to enter the domicile either without your permission. You can change the locks at your expense and refuse landlord a copy of the key.
      If the judge orders you out then you have a certain time frame.

  2. too bad there isn’t a way to make the greedy landlords in this town take a good smack in the head financially. They have really been socking it to the residents in the last couple of years.

    1. How do you figure? Rents are driven by supply and demand. When the demand is high so is the rent.

      1. Rental prices are driven by greed or property tax increases. Rent prices doubled or more almost overnight here but wages did not nor did property tax. However I noticed that zillow dot com was tripling home values online based on nothing, not even a walk through. Many started pricing their homes accordingly and some ignorant buyers paid asking prices. That boom is about to crash now with this panic driven by democrat governors who lack any info on this virus yet ordered businesses closed or restricted. No income means no economy, no tax revenue and small businesses cannot re-open after a month of no income. Some people are not thinking this through. We take risks every day so why is a non-deadly virus reason enough to cause a recession and likely a depression? So that they can blame Trump obviously.
        Public health is never in a politician’s mind.

        1. Rentals are a business just like everything else. People don’t rent apartments or homes to lose money or break even just so they feel good.
          So just like everything else, supply and demand are the driving factors in rental/lease pricing.
          It is not a conspiracy. I don’t see people complaining about the gas prices when Oil hits an all time low and the prices stay the same for a long time. If people are still paying it then there is not incentive to decrease the pricing.
          It is simple economics.
          Ohh and if i list my house for 10 million and the market says it should be 150K and someone still buys it……. that is not my problem.

  3. Haven’t seen anyone in my apartment complex jump ship yet and the only thing the management is doing is asking residents to set up a payment plan or they will be sent a demand for possession next week.

    1. same here ours have gave us a link to places that help you with rent,and we been here 4 years and never missed a beat how sad

    2. Demand for possession must be posted visibly not sent. and it can be ignored. The eviction process I posted in a reply above.

      1. I understand, thanks. “Sent a demand for possession” was their wording in the email they sent to all residents. The management here (the last four, for that matter) have never been known for their ability to proofread notices, follow rules..or BCC that recent email.

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