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Colorado Springs, Colorado Rental Market Trends

Disclaimer:

Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Colorado Springs, Colorado rental market.

Colorado Springs, Colorado

Average Apartment Rent

$1,576

Y-o-Y Change in Average
Apartment Rent

1.2%

As of July 2023

Compared to a year ago, Colorado Springs, Colorado apartments have recorded a 1.2% rent increase.

Colorado Springs, Colorado |Average apartment rent trend

Median Rent Aug 2020 Jan 2021 May 2021 Sep 2021 Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023
Colorado Springs $1,234 $1,273 $1,316 $1,458 $1,473 $1,465 $1,553 $1,566 $1,534 $1,576
National $1,391 $1,395 $1,403 $1,488 $1,584 $1,624 $1,696 $1,713 $1,701 $1,726
Colorado Springs
National
Aug 2020
$1,234
$1,391
Jan 2021
$1,273
$1,395
May 2021
$1,316
$1,403
Sep 2021
$1,458
$1,488
Nov 2021
$1,473
$1,584
Mar 2022
$1,465
$1,624
Jul 2022
$1,553
$1,696
Nov 2022
$1,566
$1,713
Mar 2023
$1,534
$1,701
Jul 2023
$1,576
$1,726
View as table View as graph
Access comprehensive real estate data and information on Yardi ® Matrix

Colorado Springs, Colorado| Average apartment rent

Colorado Springs, Colorado | Apartment rent ranges

Under $500
$500 - $700
$700 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

At 41.77%, apartments priced $1,500 - $2,000 represent the bulk of Colorado Springs, Colorado rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.36%.

Colorado Springs, Colorado | Housing tenure**

Renter occupied housing units
73,621
Owner occupied housing units
111,167

Renters take up 40% of Colorado Springs, Colorado real estate, occupying a total of 73,621 units, while homeowners live in 111,167 properties.

Median number of rooms of renter-occupied housing units**

4

Renter median household income**

$45,084

Average household size of renter-occupied housing units**

2.36

Rental vacancy rate**

3.1%

Colorado Springs, Colorado | Renter-occupied housing units by no. of bedrooms**

No bedrooms 3,518
1 bed 19,275
2 beds 29,160
3 beds 13,242
4 beds 6,117
5 or more beds 2,309

There are 29,160 rentals in Colorado Springs, Colorado with 2 beds making up the highest share of the market, at 40%. Units with 5 or more beds, on the other hand, hold the lowest percentage (3%), amounting to 2,309 units. Overall, the median number of rooms in Colorado Springs, Colorado homes for rent is 4.

Colorado Springs, Colorado |Renter-occupied units by age of householder**

15 - 24 years 9,458
25 - 34 years 23,650
35 - 44 years 12,934
45 - 54 years 9,956
55 - 59 years 4,503
60 - 64 years 3,361
65 - 74 years 4,922
75 - 84 years 2,480
85 years and over 2,357

Most condos for rent in Colorado Springs, Colorado are occupied by residents in the 25 - 34 years age group (32%), followed by those in the 35 - 44 years age group (18%). At the same time, people in the 75 - 84 years age group make up the lowest share of the local rental market – 3%.

Colorado Springs, Colorado | Renter-occupied housing units by family type**

Family households
36,555
Non-Family housesholds
37,066

Colorado Springs, Colorado | Renter-occupied housing units by the presence of own children**

With related children of the householder under 18
21,740
No related children of the householder under 18
51,881

A total of 36,555 apartments for rent in Colorado Springs, Colorado, or 50% of all rentals are family households. Additionally, 30% of rental homes include children under the age of 18 – that’s 21,740 units. All in all, the median size of a renter-occupied household in Colorado Springs, Colorado is 2.36.

Colorado Springs, Colorado | Renter-occupied housing units by educational attainment**

Less than high school graduate 5,025
High school graduate (including equivalency) 15,632
Some college or associate's degree 31,654
Bachelor's degree or higher 21,310

In terms of education, renters holding bachelor degrees or higher make up 29% of the rental market. In contrast, residents with less than a high school degree reside in 7% of the homes for rent in Colorado Springs, Colorado.

Colorado Springs, Colorado | Renter-occupied units by year structure built**

Built 2014 or later 2,369
Built 2010 - 2013 3,021
Built 2000 - 2009 9,823
Built 1990 - 1999 11,623
Built 1980 - 1989 14,751
Built 1970 - 1979 14,362
Built 1960 - 1969 7,373
Built 1950 - 1959 4,504
Built 1940 - 1949 1,643
Built 1939 or earlier 4,152

The highest share of Colorado Springs, Colorado apartment rentals, namely 20% or 14,751 units, were Built 1980 - 1989, followed by those Built 1970 - 1979 (20%, 14,362 units), and the ones Built 1990 - 1999 (16%, 11,623 units).

Colorado Springs, Colorado | Renter-occupied units by year householder moved in**

Moved in 2017 or later 8,819
Moved in 2015 to 2016 43,919
Moved in 2010 to 2014 14,160
Moved in 2000 to 2009 5,000
Moved in 1990 to 1999 1,280
Moved in 1989 or earlier 443

Median year renter moved into unit2016

Most Colorado Springs, Colorado renters (60%) moved in 2015 to 2016, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Colorado Springs, Colorado condos for rent is 2016.

Colorado Springs, Colorado | Renter-occupied housing units by vehicles available**

No vehicle available 7,758
1 vehicle available 33,174
2 vehicles available 25,136
3 vehicles available 5,451
4 vehicles available 1,654
5 or more vehicles available 448

When it comes to transportation options, 45% of Colorado Springs, Colorado renters have 1 vehicle available per household, 34% of them have 2 vehicles available, and 11% have No vehicle available.

Colorado Springs, Colorado | Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 67,346
Car, truck, or van - carpooled 12,006
Public transportation (excluding taxicab) 1,400
Walked 2,355
Taxicab, motorcycle, bicycle, or other means 1,531
Worked at home 6,229

Colorado Springs, Colorado |Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 107,372
Moved within same county 36,217
Moved from different county within same state 6,239
Moved from different state 19,277
Moved from abroad 2,222

Colorado Springs, Colorado | Average apartment rent by zip codes


The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Colorado Springs, Colorado apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

*Average single-family rent calculated from point2homes.com data.

**Data sourced from U.S. Census Bureau; American Community Survey, 2020 American Community Survey 5-Year Estimates

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