Colorado Springs Multifamily Figures H2 2023

February 5, 2024 5 Minute Read

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      The overall occupancy rate decreased 50 basis points to 92.8% at the end of H2 2023. The historical H2 occupancy from 2000-2019 has averaged 93.6%.

      The average asking rent decreased to $1,515 per unit or $1.78 per square foot (sq. ft.), down approximately $14 per unit from mid-year 2023 and down $38 per unit year-over-year.

      Development activity continues to surge. At the end of 2023, there were over 4,686 units under construction spread across 30 properties.

      3,838 units delivered in the second half of 2023 pushing annual deliveries to 4,895. This was the most deliveries ever recorded in a single year and accounted for a 7.2% change in inventory in 2023.

      Net absorption was positive 3,258 units in the second half of 2023. This was the most units ever absorbed in a half year along with the highest level of absorption on an annual basis.

      $97.2 million transacted in the second half of 2023, bringing the year-end total to $213.7 million. This is the lowest transaction volume for a half year and a full year in over a decade.