Colorado Springs rent prices show signs of rising, report finds

COLORADO SPRINGS, Colo. (KOAA) — Rents in Colorado Springs may be starting to rise again after nearly two years of declines, according to a new report from Zumper, signaling what one analyst says could be a turning point for the city’s rental market.

The latest national rent report from Zumper’s National Rent Report found Colorado Springs ranked No. 72 among the nation’s most expensive rental markets. Median rent for a one-bedroom apartment in the city reached $1,100 in April, while two-bedroom units stood at $1,410.

“We saw that continuing the trend from last month, rents were up month over month,” said Crystal Chen, an analyst with Zumper. “It’s notable since rents have definitely been kind of down nationwide for at least the last six months or so.”

Chen said the company’s monthly report analyzes active rental listings in the 100 largest U.S. cities to reflect what renters would currently pay on the market.

“We look at active listings every month, so to give a better picture of what a renter would pay if they were to move out tomorrow,” Chen explained. “We have over a million active listings in the U.S. every month.”

Nationally, rents ticked up slightly in April as the spring leasing season began. Chen said seasonal demand is helping drive the increases, though trends vary sharply across the country.

“It really feels like a tale of two markets right now in the U.S.,” Chen stated. “There are definitely some markets like San Francisco where rents are up 20 percent annually ... versus markets in the Sun Belt that are still working through a lot of supply.”

While Colorado Springs remains more affordable than both Denver and the national median, Chen said the city stands out because rents are beginning to stabilize while many Colorado markets continue to decline.

“Colorado Springs definitely is more affordable than both Denver and the national median,” Chen added. “But what’s notable about Colorado Springs right now is that Denver rents are down annually ... so to see a little bit of annual growth in Colorado Springs is definitely notable.”

According to Zumper’s historical data, one-bedroom rents in Colorado Springs peaked at around $1,270 in May 2023 before steadily declining nearly 17 percent to roughly $1,050 earlier this year.

Chen attributed much of that drop to a construction boom that added thousands of new apartments to the market.

“The height of the construction boom in Colorado Springs was in 2022,” Chen said. “A ton of supply came online in 2024 alone.”

Zumper’s internal data showed active apartment listings in Colorado Springs increased by 31 percent between 2022 and 2024.

“I think that supply really kept downward pressure on rents,” Chen said. “That’s why they were kind of falling for nearly two years.”

Now, however, Chen said the market appears to be “turning a corner” as new apartment construction slows and demand begins to rebound.

“It seems like the market has turned a bit of a corner with two consecutive months of monthly gains,” she said. “I think a big reason for that is a pullback in new supply.”

For renters hoping to save money, Chen said timing can still make a major difference.

“If you’re a Colorado Springs renter and you’re looking for a good deal, the best time of year is toward the holiday months toward the end of the year in the winter,” Chen offered as advice. “There’s just a lot less competition.”

She also encouraged renters to negotiate with landlords, especially at newer apartment complexes.

“New buildings typically offer a lot of concessions,” Chen said. “You can try and negotiate things down or even offer to sign a longer lease if you really want to lock in a rate.”

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