6 in 2010 rents increased an average of 20 a month or

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: s in 2009, a 10.5% gain. Average permit value increased 3.9%, from $172,355 in 2009 to $179,011 in 2010. As expected, new arrivals at Fort Carson boosted population growth and the demand for multifamily housing in 2010. Vacancy rates dropped, from 9.7% in 2009 to 6.6% in 2010. Rents increased an average of $20 a month, or 2.8%, from $704 to $724. The lower vacancy rates and higher rents helped stimulate very modest multifamily construction in 2010. Permits for 88 units were taken in 2010 compared to 30 units in 2009. Permits for 232 multifamily units have been taken through June 2011. Permits for a 177-unit luxury complex were recently pulled for a development in Monument. An uptick in multifamily permit activity is forecast—an increase of 550 units in 2011 and 500 units the following year. Commercial construction value decreased in 2010 to $74.8 million, a decline of $207.2 million (73.5%) from 2009. Current activity in nonresidential construction suggests 2011 will finish with about $140 million of new commercial construction. Existing vacancy rates in al...
View Full Document

This note was uploaded on 02/11/2013 for the course MGMT 231 taught by Professor Yu during the Spring '13 term at Bauder.

Ask a homework question - tutors are online