The May 2017 Apartment Market Report by California-based market research company RentCafe (owned by Yardi Systems) found that average rent for apartments in Colorado Springs increased 10.1 percent to $1,048 from May 2016 to May 2017.
“When we first published our monthly rent report in September 2016, Colorado Springs had already taken the third place for rent growth,” said Ioana Popovici, marketing communications specialist for RentCafe. “Since then, the city has been a constant presence in the Top 7 Fastest-Growing Rents, and very often in the top three.”
No. 1 on the list was Stockton, Calif., where average rents increased 10.6 percent to $1,030 in the same time. Other cities on the list were: Buffalo, N.Y.; Reno, Nev.; Sacramento, Calif.; Lancaster, Calif.; Tacoma, Wash.; Santa Rosa, Calif.; Modesto, Calif.; and Spokane, Wash.
“Anomalies like San Francisco and Sunnyvale aside, California cities continued to dominate the list of fastest-growing rents,” according to the report. “The West Coast state accounted for eight of the top 15 cities.”
The report also found that rent for U.S. apartments, on average, increased $4 (accounting for around .3 percent) in May and currently hover at $1,316 for the month. Of the 250 largest American cities surveyed in the study, RentCafe states that 76 percent (189) saw increases in apartment rents in May, while rents were flat in 45 and decreased in 15.
According to the same report, average rent in Thornton has decreased 1.5 percent to $1,301 year-to-year since last May. It was the only Colorado city included on a list of the top 15 “U.S. Cities Where Rents Have Fallen Y-to-Y.” Rents also fell in places such as: San Francisco, Manhattan; Oklahoma City; Tulsa, Okla.; College Station, Texas; El Paso, Texas; Boston; Sunnyvale, Calif.; and Oakland, Calif.
To view the report in it entirety, visit rentcafe.com.