Property owners in Colorado Springs enjoy receiving frequent updates about the rental market and how it’s performing, and today we are sharing some information with you about the market in 2019, and what we expect to see.
Colorado Springs Real Estate Growth
If there is one word that would describe Colorado Springs over the last 18 months it would be growth. We have seen growth in the rental market, the population, and the sales market. For example, our population in 2017 for El Paso County was estimated at just over 460,000 people. Today, that same estimate is just under 700,000 people.
Such population growth drives growth in other areas as well, such as residential building. Last year in 2018, the city issued just over 3,800 permits to build single-family homes. This is a 10% increase over what we saw in 2017. This was also the highest level of permits issued in 13 years.
Building and Development in Colorado Springs
If you are familiar with Colorado Springs on the north end, north of Dublin, we are seeing additional building all along Powers and up through Marksheffel. As you travel south, there is more building to the east and to the south in the vicinity of the airport. A housing development that had been incomplete for years is now built out. Further south of that, two more housing developments have been completed that were once not finished. So, we are seeing quite a bit of growth on the residential, single-family home side.
Apartment Growth and Development
On the apartment side, we are seeing additional apartments going up north and in downtown Colorado Springs. So, between the Airforce Academy and Colorado Springs, over the last year and leading up to the end of 2019, we will see an additional 2,000 multi-family units. North of the Airforce Academy, there are even more apartment buildings being built, and those are being occupied by commuters who live in the north end of Colorado Springs and commute to Denver.
In the downtown area, over the last year we have seen an additional 200 units across three different apartment buildings. There are also two more under construction, and we also have a hotel being converted into condos, and that is going to add another 75-100 units in the downtown area.
Commercial Real Estate Growth
Additionally, we have seen building on the commercial side with hotels. There are several under construction and across town we are seeing both occupation of commercial space that has been vacant for awhile and also the building of new office space.
Cornerstone Real Estate Team
Within Cornerstone, we have also grown.
We are now managing approximately 420 units across Colorado Springs. One-third of those are single-family homes and two-thirds are multi-family units. With that growth of units under management, we have also increased our personnel. So, on the Colorado Springs property management side, our team is 10 people strong and we have two additional property managers, two additional assistant property managers, and several administrative personnel to assist us with the management of those properties.
In January of last year, we also added a sales team. The team has been doing a fantastic job with our clients, and we have had several investors add additional properties. We are now able to assist with both sides of the process – sales and management. In 2018, they sold over 50 properties which ranks them in the top 10% of agents in Colorado Springs.
We intend to provide these updates on a regular basis. Please reach out to any of our team members if you have any questions about the sales or rental markets in Colorado Springs. Feel free to follow us on social media or contact us at Cornerstone Real Estate Team.