Colorado Springs, Colorado Rental Market Trends
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
Colorado Springs, Colorado| Average apartment rent
Colorado Springs, Colorado | Apartment rent ranges
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**
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**
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**
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**
Colorado Springs, Colorado | Renter-occupied housing units by the presence of own children**
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**
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**
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**
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**
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**
Colorado Springs, Colorado |Geographical mobility in the past year for householders living in renter-occupied housing units**
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
