Average rent costs in Colorado Springs rise by more than $100 per month since 2021

COLORADO SPRINGS, Colo. (KRDO) -- A new survey from the University of Denver (DU) shows that rising costs in Colorado Springs are showing no signs of slowing down.

According to findings from researchers at DU's College of Business, rent costs took a significant spike from 2021 to 2022 in Colorado Springs.

By the end of June 2021, the average cost of rent was $1,429.58 according to the report. This year, the average rent cost sits at $1,570.65. That's a $142.07 increase in just one year.

Meanwhile, the median cost of rent in Colorado Springs has seen an even larger spike over that last year from $1,431.67 in 2021 to $1,587.83 in 2022.

"There was growth but not like this," said Ronald Throupe, a professor at UD's College of Business with a specialization in real estate. "Colorado Springs is now more en vogue. It’s always a place to go when it comes to Colorado you are going to see that choice becoming more evident with people coming to the springs and not just the Denver metro."

The DU report shows a slight decrease in the percentage of available or vacant apartments in Colorado Springs from 2021 (4.4%) to 2022 (4.25%).

Throupe tells 13 Investigates the vacancy percentage is slightly lower than desired, however, it is not concerning.

13 Investigates reached out to the city of Colorado Springs for a comment in regards to this new report from DU. They acknowledge they've seen rising rent costs for years as people continue to migrate here.

The city of Colorado Springs tells 13 Investigates says they have little control over the market or assisting with attainable housing. However, the city says they already hit their annual goal to build preserve or create opportunities to purchase a thousand units of affordable housing in the city limits for 2020.