colo springs houses for rent - craigslist (2024)

FAQs

Are rents going down in Colorado Springs? ›

Welcome to the Apartment List September 2024 Rent Report for Colorado Springs, CO. Currently, the overall median rent in the city stands at $1,458, roughly the same as last month. Prices remain down 1.8% year-over-year.

Among 80904 residents, there is a homeowner vacancy rate of 1.4% and a rental vacancy rate of 6.0% from a total of 11,046 units.

According to data from ApartmentGuide.com, the cost of renting an average apartment in Colorado Springs is $1,701, a 31.99% increase year over year. In order to fall under the 30% rule – only spending 30% or less of your income on rent – you would need to make $68,035 a year.

Why has rental housing in Colorado become so expensive? Numerous studies have found that rents rise quickly when there are too few homes available: Low vacancy rates lead to heavy competition for each opening. And for-sale markets reflect a similar dynamic when prices rise quickly in response to inventory shortages.

To meet population growth by 2028 and close the housing deficit, between 32,000 and 43,000 housing units will need to be built. Due to elevated housing prices and rising interest rates, the affordability of purchasing a home in Colorado Springs is at an all-time low.

The landlord must give written notice to the tenant by personally serving or posting in a conspicuous place the notice called "Demand for Compliance or Possession." This notice gives the tenant a choice of paying in three days the full amount of the rent that is due or giving up possession of the unit within three days ...

Colorado Springs' apartment vacancy rate climbed to 7.5% in the fourth quarter of last year, up from 7.2% in the third quarter and a full percentage point higher than the 6.5% rate in the fourth quarter of 2022, according to a recently released, statewide report by 1876 Analytics, an affiliate of Denver-based Apartment ...

Some renters are people choosing to move to the Pikes Peak Region to work remotely. Others find it more affordable to live here and commute to Denver. And, there is a trend of young adults who want the Colorado Springs combination of metro meets mountains.

Two bills signed into law this year go into effect next week. Senate Bill 23-184 will cap the minimum income requirements to twice the cost of monthly rent. Right now, landlords can require tenants to make at least three times what they charge for rent.

Will housing prices go down in Colorado Springs? ›

In Colorado Springs, our current inventory stands at 3.1 months. Typically, a six-month inventory indicates a balanced market. So, while we are seeing more homes available than in recent years, we would still need to see an increase in inventory for home prices to begin to decline.

In Colorado Springs, there are currently no rent control laws or restrictions on how much a landlord can increase the rent. That means that landlords have the freedom to set rental rates based on market conditions and their own discretion.

The cost of living in Colorado Springs, CO is 1% higher than the state average and 7% higher than the national average. Colorado Springs, CO housing is 13% more expensive than the U.S average, while utilities are about 7% less pricey.