Record amount of apartment units permitted in Pikes Peak region in 2022

11 News this Morning at 6 am
Published: Sep. 26, 2022 at 4:13 AM MDT
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COLORADO SPRINGS, Colo. (KKTV) - Thousands of apartment units are coming to the Pikes Peak region.

11 News spoke with the Pikes Peak Regional Building Department, which reports more than 4,100 apartment units were permitted so far in 2022, with several months still to go in the year. That number beats the previous record year of 2021, where more than 3,800 apartment units were permitted.

“They’re not going to build them unless they think they can rent them out. From what we’ve seen in the past several years back, whenever these units come online, they are almost already rented out before they even open,” said PPRBD spokesperson Greg Dingrando. “There’s certainly a demand, we know there’s a desperate need for housing here.”

Including unfinished apartments from 2019-2022, PPRBD reports nearly 9,000 apartment units are under construction currently in the Pikes Peak region. Many apartments are being built in downtown Colorado Springs, in the northeast and west side of the Springs, and in Monument.

“Just to give you an idea of how much money is tied into all of these complexes coming in, we’re looking at better than $626 million estimated ... a lot of money really being pumped into our economy through these apartment complexes,” said Dingrando.

Fifteen complexes are currently under plan review, according to PPRBD.