The ins and outs of renting in Colorado Springs. Here’s an overview of the market to help you find your next apartment or rental home.
It’s an exciting time to be a renter in Colorado Springs. After years of population growth and a lag in rental housing to support it, developers, both local and national, are making significant investment to help house Front Range renters. About 1,000 new apartments have been added to the local market each of the past three years, with 2020 bringing 1,172 new units.
Downtown has been the center for new high-rises. Its newest stars are the luxe Casa Mundi and The Mae, both of which debuted in 2020. More are on the way. Last June, Greystar Real Estate Partners announced it would build Elan Pikes, a stylish 321-unit, six-story community with amenities such as a lap pool and zen garden. And in August, Weidner Apartment Homes announced it would expand its planned high-rise overlooking Weidner Stadium, home field of the Switchbacks FC, to 408 units, making it downtown’s largest. Future plans include additional phases reaching upwards of 1,000 units in downtown’s New South End.
It’s not just downtown though. The rapidly growing far north side is adding apartments by the hundreds too. Blackburn Communities has broken ground on a 301-unit complex at the north side’s rapidly growing Polaris Pointe. And for a new 474-unit complex at Interquest’s Victory Ridge.
Rents have risen overall, hitting record highs in recent years, but they fluctuated and evened out somewhat through 2020’s pandemic. Division of Housing data show that average rent in Colorado Springs was $1,246 at the midpoint of 2020, with the highest average being $1,411 in northeast Colorado Springs and the lowest average being $1,103 in the southeast.
Rates and housing options will continue to diversify, serving the area’s growing populations of millennials and seniors and everyone in between. And as they do, the winners are renters as they find more options, amenities and choices to make their homes. Here’s an overview of what you’ll find around town.
Central and Downtown
Average rent: $843-$1,553
Downtown Colorado Springs has seen a recent multifamily residential boom in the form of new, modern, high-rise apartment buildings at the city’s core.
When the four-level Blue Dot Place, opened in 2016, it was downtown’s first multifamily development t since 1960. So much has changed since with a wave of development sweeping the surrounding area. Casa Mundi’s 27 boutique units on South Tejon and The Mae on Cascade’s stylish 177 units are the latest additions to the area.
The revitalization of the downtown housing market has stimulated population growth in the city’s core and attracted residents both young and old.
Sarah Mishler, 38, lives at the recently completed 172-unit 333 ECO apartment complex near the middle of downtown and says that it provides a quality of life that suits her well.
“I like being close to the arts and culture of our city, as well as unique activities and events,” she says. “I love being able to walk or bike to great restaurants and enjoy trails nearby without having to get in my car.”
Laurel Justice, 56, moved into Blue Dot Place in 2018 and says that living downtown in general, and living at Blue Dot in particular, has been a game-changer.
“I’ve always wanted to live downtown; everything I do is downtown,” she says. “I was looking for a life that was more walkable … and to develop more familiarity with people in the community—to focus more on people.”
Justice says she enjoys the fact that downtown Colorado Springs is “pretty multicultural” and is now home to wide-ranging demographics.
While the recent downtown developments are new, shiny and exciting, there are also many more traditional options. Central Colorado Springs has long held a large inventory of cottages, Victorian apartment buildings and older complexes that offer wide variety for renters looking to live in the downtown area.
Average rent: $1,189-$1,876
Historically, the Westside rental market was populated mostly by Victorian homes, bungalows and a smattering of older, medium-sized apartment complexes. The late ’90s brought the arrival of large complexes like Camelback Pointe, which capitalized on scenic views from the mesa, and Artemis at Spring Canyon in Mountain Shadows at the foot of the mountains. And like downtown, the Westside has seen recent revitalization and construction. New high-rises The Gabion and 22 Spruce straddle downtown and Old Colorado City. And the Overlook at Mesa Creek delivered brand new Westside views in 2019.
Tom Kushnerick and his family live at Stepping Stones, a popular 1980s apartment and condominium development near Uintah and 19th Street. He says his primary draw to the Westside was proximity to close family friends, as well as the many nearby natural amenities.
“The people are by far the greatest consideration for my family when we considered the Westside for renting,” Kushnerick says. “We love the access to great trails, parks and mountains too.”
Kushnerick says his family likely could have rented a similar apartment in another part of town for a lesser rate, but that the quality of life—community and connectedness—on the Westside is worth the decision to pay a bit more in monthly rent.
Average rent: $936-$1,753
The northern part of the city has a wide variety of rental offerings and, while being a longtime favorite area for professionals and military families, has also attracted Denver commuters.
The Northgate and Interquest areas are booming with both commercial and residential development, and that includes apartments. New developments are on the way at Victory Ridge and Polaris Pointe. They will join other recently constructed developments on the north side, such as Springs at Foothill Farm, FalconView, The Overlook at Interquest, Springs at Allison Valley and Sagebrook Apartment Homes.
Emily Delong, 34, lives in a duplex on the Air Force Academy campus with her husband and three children, plus her father. She says her family prefers the north side for a variety of practical reasons, the most important of which is access to resources.
“It had a lot to do with the school district—we really like D-20—and the fact that my dad needed to have accessible healthcare, and it’s close to resources on the Academy and UCHealth,” Delong says.
She says the rates are reasonable but getting more competitive. Still she says it’s worth paying a bit more to keep her kids in a school district with good resources for special needs. One of her children is autistic. “That was the main reason we wanted to stay in that district, because we feel that their special needs programs are actually really good,” she says.
Average rent: $915-$1,753
The eastern part of Colorado Springs is one of the city’s largest submarkets and thus has an ever-diversifying rental market.
The demographically diverse east side is home to large populations of professional and military families. Both Schriever and Peterson Air Force bases are located here.
Large private investment along the Powers Corridor has resulted in a wide variety of shopping, dining and employment options. And housing growth has boomed, both single-family and multifamily. Developer Stillwater Capital recently proposed a 330-unit, upscale apartment complex just east of First and Main shopping center. complex adjacent to Peterson Air Force Base. And seven affordable, multifamily projects are in various stages of planning for the southeast side.
Recent newer complexes along the Powers Corridor include the Lodge at Black Forest, Watermark at Union, La Bella Vita, Creekside at Palmer Park and Cortland Powers North, as well as retirement communities such as Province Springs and Aspen Trail Retirement Resort.
Average rent: $830-$1,669
Southwest Colorado Springs hasn’t seen as much recent change as other submarkets, but it remains stable and offers some affordability for the area’s large military population of nearby Fort Carson.
Newer complexes near Fort Carson include the Pines at Broadmoor Bluffs, Broadmoor Ridge Apartment Homes and the Cobblestone Ridge Apartments. But there are ample older multifamily complexes, as well as single-family rentals and official base housing.
Nearby, the Broadmoor and Ivywild neighborhoods offer more luxury options, such as the Cheyenne Creek Luxury Apartment Homes, the recently reconstructed and rebranded Luxe Tower, and soon-to-come projects along revitalizing South Nevada Avenue. Older homes and apartment buildings are available as well.
These southwest neighborhoods attract young and old alike with their access to trails and natural scenery, as well as a rise in redevelopment that has been exemplified in recent years by the Ivywild School, which houses a craft brewery, distillery, coffee shop and events venue.
Average Rent in Colorado Springs
Find rent costs by every part of town and apartment size in Average Rent in Colorado Springs.