Apartment rents trending down in Colorado Springs for the 1st time in a decade
COLORADO SPRINGS, Colo. (KRDO) - A new study by Apartment Insights shows that the price of apartments in Colorado Springs is trending down for the first time in a decade.
"It's a really good time for renters," say Doug Carter, Co-Owner of Apartment Insights.
Carter tells KRDO13 Investigates an influx of new apartments has led to lower prices. It's as simple as supply and demand.
"Primarily because of all the construction we see everywhere. It's always supply and demand. And there's been a lot of construction. There will still be a lot of apartments being finished this year, which is a good sign for renters," Carter said.
Carter says the supply is finally catching up to the demand. This graph (seen above) shows that rent prices in Colorado Springs have dropped from their peak of around $1,500 in the middle of 2022.
Right now, the average rent price is $1,375, about $57 cheaper than this same time last year. Over the course of a year, that would save a renter roughly $684.
A big reason for that price drop, and why Carter expects the rest of the year to be good for renters, is a 13.5% vacancy rate for all rentable apartments.
Despite the high vacancy rate, however, Carter says apartment units are flying off the shelves.
"There were more apartments rented last quarter than we've ever seen," he says.
In the first three months of 2025, 816 people rented new apartments. Expanding the scope to 12 months, 3,671 new apartments were rented, an all-time high.
While Carter expects the rest of the year to be a boon for renters, the more distant future is still a bit uncertain. "For the rest of this year, with all the construction still being completed, it's a good time for renters. Beyond that, with the economy, it's hard for everybody right now. It's really hard to know. But at least right now, renters are getting some relief," Carter said.
