The rental business in Colorado Springs is tricky. In part because of the heavy influence of military personnel on both the supply and demand side, there are lots of rental units constantly turning over. Many rental homes are ‘self managed’ (For Rent By Owner), and as a result, there is no one database of reliable rental information, or other ‘one stop shop’ for finding rentals.
Rentals tend to follow seasonal cycles, with many landlords desiring leases that renew in the summer months. Leases that are signed other times of year will often be for odd increments to get the renewal cycle back to a June, July or August renewal. Leases are harder to do far in advance, because often the landlord does not know a house is coming up until a 30 day notice is given by the tenant.
Rental prices can vary quite a bit. Single family homes tend to start around a $1,000, with northern neighborhoods usually starting at around $1,200, and going up from there. Apartment rentals start around $500 for older units, and in the $700’s for newer units in better areas.
We also have a new program for doing lease – purchases, where you can pick out your own home from the inventory of homes that are for sale, and the investor purchases the home for you, and leases it back to you until you are ready to buy. If this program sounds interesting, please call Rick at 719-331-7675 to see whether this program fits your situation.
The best sources of rental information for Colorado Springs are the following. Pretty much if it is not on one of these lists, it is not available:
- Craigs List – has lots of homes that are ‘for rent by owner’ in addition to some of the professionally managed properties. Beware of ‘scammers’ who are trying to collect money or personal information from you, and don’t actually even own the property!
- Rentals.Com – has a one of the larger selections of properties, both professionally managed and For Rent By Owner
- Apartment Guide – this is pretty complete for apartments to rent
- SpringsHouses.com – this is actually the Gazette’s online real estate classifieds
- Pikes Peak Association of Realtors – this is the Realtors rental bulletin board. These homes are usually professionally managed