Friday, February 8, 2013
Trulia: Rents up, and prices for homes up, but lag in Colorado Springs
According to a report released this week by Trulia, the asking rent in Denver during January 2013 was up 7.4 percent from January 2012. Colorado Springs was also included in the report and, according to Trulia, year-over-year asking rents were up 3.4 percent in Colorado Springs during January 2013.
The Division of Housing's own survey shows increases in rent also, although our data, which is based on actual rents collected via survey, shows smaller increases, year over year. Trulia also reported that asking prices for homes were also up in Colorado Springs and Denver metro, with asking prices up year over year during January by 2.0 percent in Colorado Springs and 11.7 percent in metro Denver.
An increase of 11.7 percent is well above other home price measures, and this reflects asking prices, not sales prices. See our home price archive for more complete info. The continued trend here is upward, which reflects a variety of other measures of rents and home prices. Levels of increase, however, are likely smaller than what is estimated in the Trulia report.
In comparing Colorado Springs with the Denver area, however, this report adds to data which suggests that home price gains in Colorado Springs lag well behind those in the Denver area. This is likely being affected in large part by the relatively lackluster employment situation in Colorado Springs.