Welcome to the Apartment List July 2024 Rent Report for Colorado Springs, CO. Currently, the overall median rent in the city stands at $1,446, roughly the same as last month. Prices remain down 3.4% year-over-year.
As of July 2024, the average rent in Colorado Springs, CO is $1,304 per month. For comparison, the national average rent price in the US is currently $1,533/month, which means Colorado Springs rent prices are 15% lower than the national average.
COLORADO SPRINGS, Colo. (KRDO) - According to data published during the fourth quarter of 2023 sponsored by the Colorado Housing and Finance Authority, the apartment vacancy rate for Colorado Springs sits at an average of 7.5%.
Housing shortages lead to both fewer vacancies and fast-rising rents. Colorado's population grew 14.8% between 2010 and 2020 but the state increased its housing stock by only 12.6%.
The cost of developing and managing the housing is usually subsidized so that tenants or homeowners pay no more than 30% of their income.
Subsidized apartments and homes are typically reserved for a mix of residents whose incomes are at or below 30%, 50% or 80% of area median income (AMI).
A new report indicates that Colorado Springs' apartment vacancy rate reached 7.5% in late 2023, up from 7.2% in the third quarter, and significantly higher than the 6.5% rate in the fourth quarter of 2022.
How to Calculate Vacancy Rate. Vacancy rate is easy to calculate for single family homes, small multifamily buildings, and property portfolios. The same calculation for vacancy rate is used for all types of rental real estate: Vacancy Rate = Number of Days Vacant / Number of Rentable Days.
the average vacancy rate for a rental property market that would result if supply and demand were in balance. The level to which vacancy rates adjust over the long term. A benchmark by which current vacancy rates in the market are considered high or low.
Like last year, homebuyers in 2024 could continue to find a tight supply of properties for sale, while high prices of the past several years aren't expected to come down anytime soon. Apartment dwellers, however, already have seen rents start to fall because of a bulging supply that will continue to swell this year.
(NerdWallet) – An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn't expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.
The Common Sense Institute (CSI) today released a study on housing affordability in Colorado Springs. It found that increased demand and lagging development have created a significant housing shortage and a major decline in affordability. According to the report, the city has a shortage of up to 27,360 housing units.
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.
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