Rents are up but so are new options for rental living. Here’s an overview with insider insights all over town.
Want to rent in Colorado Springs? The good news is you’ve never had more options to choose from. The bad news is you’ll most likely pay near-record high rent. In 2022, the average overall rent in Colorado Springs was $1,479 per month, an increase of 6.3%, according to the Colorado Statewide Apartment Survey. The increase continued the trend since 2021, which has seen high demand and tight supply driving rent prices to record highs.
Fortunately, developers are building many new apartments to satisfy the demand. Last year saw nearly 5,000 permits approved for new apartments, a new record, according to the Pikes Peak Regional Building Department. The department says there were more than 9,500 apartments under construction at the end of the year, which contributed to the Springs’ 6.5% vacancy rate at the end of 2022, one of the highest rates in the state. For local renters, more apartment options and a wider range of amenities continue to rise.
Nowhere is that more evident than downtown, where high rises are booming. Four new complexes are nearing completion, and they will bring 2,000 new units to the market through 2024. The largest, Experience at Epicenter, overlooks Weidner Field home of the pro soccer team Switchbacks FC. Most of the new downtown complexes feature upscale and boutique amenities, such as indoor parking, bike/gear storage, indoor dog walks, coffee bars, fitness centers, and resort-style pools and clubhouse areas.
“Living in a walkable community was one of the highest priorities for me when choosing an apartment,” says Mark Bila, who chose to rent at The Mae on Cascade, which opened in 2020. He enjoys walking to work every day, as well as to surrounding bars and restaurants.
Joe, who asked us to use his first name only, chose Casa Mundi for similar reasons. The 27-unit complex opened in 2020. “The apartment complex’s selling point is how close it is to restaurants,” Joe says.
Just one block between Casa Mundi and The Mae is the Trolley Block in downtown’s New South End. The area was redeveloped in 2018 with many new restaurants and bars, including the food hall CO.A.T.I, a spot Joe frequents. Exploring downtown on foot helped him discover things to do and connect with his coworkers. After moving from Chicago in 2020, he says it was an adjustment to the smaller city life of Colorado Springs, but he appreciates it.
“It definitely does not have big city vibes, but it’s growing a lot,” says Meghan Oddy, who moved here with her fiancee, May Dela Pena, from San Francisco in 2021. They rent at 333 Eco Apartments and love being part of the local business scene. Dela Pena says she most loves the opportunity to get into a city as it is growing.
“A lot of Colorado Springs outside of downtown is suburbs [with] alot of fast food and shopping centers. We weren’t looking for that kind of environment,” Oddy says.
“Being from a big city, I don’t have a license,” Dela Pena says. “I wanted to have the option to still have freedom of being accessible to things.”
Both Joe and Bila say they enjoy easy access to the outdoors. “What is entirely unique about Colorado Springs—and my favorite aspect of the city—is its proximity to the mountains,” Bila says. “I did have another apartment lined up by UCCS but wanted to livedowntown. My secondary reason for choosing to live downtown is I moved here all on my own, knowing very few people, and living downtown seemed like the best way to meet new people.”
Jeff Willsey agrees with the importance of the social component for new residents. “What I like most about Colorado Springs are the friends I’ve made,” says Willsey, who moved here in 2019. He rents a townhome on the east side near Schriever Space Force Base, where he works as a civilian.
“The benefits to living out east are that rent is cheaper, and you get more space for your money,” Willsey says. He appreciates having a garage at this townhome, which he rents directly from the landlord and the ease of driving to the military base. He also enjoys easy access to outdoor recreation, like mountain biking, hiking and skiing in the mountains.
Affordable housing is a hot topic in the current economy, and a new rental community in Southeast Springs brings a fresh approach to rental living. Mosaica is designed for the “missing middle class,” those who want a neighborhood atmosphere but who may be priced out of homeownership by skyrocketing real estate prices, says its creator Darsey Nicklasson.
With modern open floor plans, front porches, mountain views and a central location Mosaica has a townhouse feel, designed to foster a sense of community through its common spaces and events. “You can certainly live here and be anonymous and not talk to anybody, but our ideal resident is somebody who’s really looking for a sense of community and a desire to knowtheir neighbors,” Nicklasson says.
For those wanting to nestle right beneath the mountains, the Westside offers abundant rentals. Manitou Springs and Old Colorado City have options ranging from Victorian and Craftsman homes to new townhouses and apartments. Large complexes on the Mesa and Garden of the Gods corridor, such as Camelback Pointe, Artemis at Spring Canyon and the Overlook at Mesa Creek, offer new amenities, such as lounges, pet play areas, fitness centers and year-round pools and hot tubs.
New apartments continue to go up on the city’s north and northeast sides, especially in Northgate, Interquest and along the Powers corridor. Most feature luxury amenities, such as resort-style pools, spas, clubhouses and garages. Programs like fitness classes and social events are common, as are dog parks and private patios. Examples include Springs at Northgate, FalconView, Lark on Woodmen, The Zeb Apartments, Cortland Powers North, First and MainApartments and La Bella Vita.
For those just starting their journey in Colorado Springs, Willsey suggests fully investigating before signing a lease, and he recommends checking local listings, such as Facebook Marketplace, for rental opportunities, which is how he discovered his townhome. “Know the neighborhood before you pick aplace to rent,” he says.
With more and more apartments on the way, the rental options just keep expanding.
Average Rents in Colorado Springs
|2 bed, 1 bath||$1,366|
|2 bed, 2 bath||$1,728|
|3 bed, 2 bath||$1,993|
|2 bed, 1 bath||$1,333|
|2 bed, 2 bath||$1,474|
|3 bed, 2 bath||$1,686|
|2 bed, 1 bath||$1,524|
|2 bed, 2 bath||$1,810|
|3 bed, 2 bath||$2,070|
|2 bed, 1 bath||$1,319|
|2 bed, 2 bath||$1,636|
|3 bed, 2 bath||$1,894|
|2 bed, 1 bath||$1,410|
|2 bed, 2 bath||$1,839|
|3 bed, 2 bath||$2,359|
|2 bed, 1 bath||$1,482|
|2 bed, 2 bath||$1,732|
|3 bed, 2 bath||$1,890|
|2 bed, 1 bath||$1,393|
|2 bed, 2 bath||$1,618|