Insider insights on apartment living all around town.
here’s good news and bad news when it comes to renting in Colorado Springs. The bad news is that high demand and tight supply of rentals drove rent prices to a record average high of $1,471 per month in 2021, according to the Colorado Springs Metro Area Apartment Vacancy and Rent Study. The good news is that local and national developers are building many new apartments to satisfy the city’s high demand for rental housing. In 2021, 2,107 new apartments opened, the highest annual total in a decade or more, and rent prices responded by dipping slightly downward in the last quarter of the year. Fortunately for renters in 2022, apartments continue to rise throughout Colorado Springs, providing more and more options and a wider range of amenities.
Nowhere is that more evident than downtown, where hot high rises are booming, adding thousands of new apartments to the market. Four new complexes, collectively providing 569 units, are scheduled to open in 2022, according to the Downtown Development Authority. Most of the new downtown complexes feature upscale and boutique amenities, such as indoor parking and bike/gear storage, indoor dog walks, coffee bars, fitness centers, and resort-style pool 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, when he moved to Colorado Springs. He enjoys walking to work every day to RTA Architects, as well as to surrounding bars, restaurants and Bread & Butter Neighborhood Market.
Joe, who asked us to use his first name only, chose an apartment at Casa Mundi for similar reasons. The 27-unit complex is another of downtown’s newest, also opening in 2020. “The apartment complex’s selling point is how close it is to restaurants,” Joe says.
Just one block in between Casa Mundi and The Mae is the Trolley Block in downtown’s New South End, which was redeveloped in 2018 with many new restaurants and bars, including the food hall CO.A.T.I, a spot Joe frequents. Joe says he found it challenging to discover things to do until he started exploring downtown on foot and connected with his coworkers at Colorado Springs Airport. After moving from Chicago in 2020, Joe 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 January 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] a lot 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 live downtown. 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 would agree with the importance of the social component for new residents. “What I like most about Colorado Springs are the friends I’ve made,” Willsey says. Willsey, who grew up in Vermont, moved to Colorado Springs in 2019 to work for the Department of Defense as a civilian. He rents a townhome on the city’s east side near Schriever Space Force Base, where he works as a systems engineer.
“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 his townhome, which he rents directly from the landlord, and the ease of driving to the military base. He also enjoys the easy access to outdoor recreation in Colorado Springs, like mountain biking and hiking, as well as heading to the mountains to ski.
For those wanting to nestle right beneath the mountains, the Westside offers abundant rental housing. Manitou Springs and Old Colorado City have a full range of options, 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 convenient amenities, such as resident lounges, pet play areas, fitness centers and a year-round pool and hot tub.
Newly built apartments continue to be added to the city’s north and northeast sides. Many feature luxury amenities, such as resort-style pools, spas, resident clubhouses and garages. Residential programs like fitness classes and social events are common, as are dog parks and private patios. Examples include The Zeb Apartments, Cortland Powers North, First and Main Apartments and La Bella Vita.
For those just starting their journey to renting 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 the townhome he rents now. “Know the neighborhood before you pick a place to rent,” he says.
Average Rent in Colorado Springs
|2 bed, 1 bath||$1,361|
|2 bed, 2 bath||$1,750|
|2 bed, 1 bath||$1,548|
|2 bed, 2 bath||$1,775|
|2 bed, 1 bath||$1,366|
|2 bed, 2 bath||$1,755|
|2 bed, 1 bath||$1,396|
|2 bed, 2 bath||$1,778|
|2 bed, 1 bath||$1,347|
|2 bed, 2 bath||$1,713|
|2 bed, 1 bath||$1,356|
|2 bed, 2 bath||$1,737|
|2 bed, 1 bath||$1,325|
|2 bed, 2 bath||$1,728|
Find more info about apartments and rent in Colorado Springs, including insights from renters, in Apartments Are on the Rise.