We've seen first-hand just how much the real estate industry has flourished over the past few years, and the same can be said about the rental market as well. Immense job growth in various sectors, desirable quality of life, and surprising affordability are drawing more and more residents each month to the area, and although there have been several new housing developments in the region, the demand is still putting strong pressure on the supply, driving up rents across the city.
Job Growth Attracting More Residents To The Springs
Based on demographic and economic figures, experts remain confident that this growth is here to stay. According to the Colorado Real Estate Journal, El Paso County is expected to see an increase of 300,000 new residents between 2010 and 2040, which would require the creation of roughly 4,500 new jobs each year. This has been a hard target to meet up until 2015 when the target was nearly doubled to 8,004 new jobs in the county.
Most New Jobs Are For High-Paying Positions
Education, health care, construction, and technical services had the greatest spurt in job creation over the past few years. These postings increased the median salary of The Springs to $66,425, surpassing the Colorado median of $60,025.
While the military and defense industry remains one of The Springs' largest sources of employment, the growth of other industries will help to diversify the local economy and ensure that it remains strong, even though potentially tough downturns.
Common Real Estate Investment Types
With the population of Colorado Springs on the rise, there are a number of investment opportunities for the savvy investor. From single family dwellings to large apartment complexes, the number of vacancies in the area is low. For those looking to invest in real estate, it's important to consider the options. There is the single family dwelling, which is perfect to rent out as a vacation home in Colorado Springs. Some investors go for a property with several dwellings, keeping the investment small while having a few units to rent out. Investors can choose a commercial property, renting out to business owners in the area. When investing in a commercial property in Colorado Springs, it helps to understand that the economy is doing well at this time and investments are a great idea. The property can also be a large, mixed use building, incorporating residential dwellings with commercial rentals. The variety of real estate investments in the area is diverse, and there are plenty of investment opportunities around for those who want to expand their portfolio.
The Colorado Springs Rental Market
While the news of the city's robust marketplace and population growth is especially good news for large, multifamily investment companies, it also holds promise for anyone interested in expanding their portfolio or thinking about investing in real estate.
Last September, the vacancy rate for apartments hit an all-time low of 3.6 percent, which, similar to the real estate market, means that there's very little inventory for home seekers to choose from. According to Rent Jungle, rental prices in the city are now at an average of $1,027 and trending upwards.
If 2017 is the year for your first or fifth investment property, let us know! The MilitaryHomeSearch.com team is happy to help with every one of your real estate needs. Give us a call at 719.338.7294 or send us a message for more information today!
Lauren Schneider, Real Estate Agent and Military Relocation Professional (MRP)
Lauren Schneider has lived in Colorado Springs for nearly 20 years and knows that the military is what keeps this town ticking, which is one of the reasons she's chosen to pursue her dream of helping military families with all of their homebuying needs. Learn more about Lauren or start your home search now.