Looking for rentals in Colorado Springs? The inventory shortage does not just apply to homes for sale, but homes for rent as well. We have many natives as well as people relocating from other areas coming into the highly desired Colorado Springs area. For example, a quick search on the MLS shows a total of 116 rentals on 5/13/21. Of these, only 66 are single family homes. Of those single family homes, only 43 allow pets. Cut that number in half if AC is a must-have. As you can see, you cannot be picky when it comes to rentals in our area– there just aren’t enough for all of the people migrating here.
When renting, there are a variety of fees that go along with it. For example, there are application fees (typically $50 per applicant) to apply for a rental. In addition, there is often a security deposit equal to one month’s rent required up front. There are also pet deposits and pet rent. This means you may need several thousand dollars up front just to move in. Be sure to ask if there are currently applications on a property because you could end up losing multiple application fees. Did you know there are home buying programs that can allow you to move into a home with as little as $1,000 down?!
Don’t forget about those furry friends! Pet friendly rentals are scarce, especially if you have a large pet or more than one. Always check ahead of time the pet policy before submitting that application and fee. Of all the available rentals, only about half actually accept pets.
According to a report by ApartmentList, Colorado Springs rents have increased 2.2% over the past month, and are up sharply by 9.3% in comparison to the same time last year. Currently, median rents in Colorado Springs stand at $1,033 for a one-bedroom apartment and $1,311 for a two-bedroom. This is the fourth straight month that the city has seen rent increases after a decline in December of last year. Colorado Springs’ year-over-year rent growth leads the state average of 2.2%, as well as the national average of 2.3%.
However, if you are only looking at single family homes for rent, the average price for a 2 bedroom is $1,798 and for a 3 bedroom it is $1,950. (According to the rentals in the MLS as of 5/13/21) This includes rentals in the entire Pikes Peak Region.
|Number of Bedrooms
*as of 5/13/21 in the PPAR MLS
Where to look for rentals
There are a variety of websites to look for rentals in Colorado Springs. Below are some of the most popular. Beware, though, that homes often go extremely fast and so these sites may not always reflect the most current list of rentals. You can also call property management companies directly for a list of their rentals.
- CraigsList – 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
- Trulia Rentals– Great site with updated rental listings and photos
- Realtor.com Rentals – this is a popular site for rental listings.
- Zillow rentals – this is also a very popular site for rental listings that is regularly updated.
- Military By Owner– here you will find both rentals and homes for sale by military member
- For Rent— resource for more rental listings
With such high rents, should I just buy?
As rents have increased sharply in Colorado Springs, other large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most large cities across the country, Colorado Springs is less affordable for renters.
In fact, looking at the graph below, you can see that Colorado Springs shows a 9.3% increase in rent year-over-year. Most other major cities, other than Phoenix, did not even come close to this increase in rent.
It is important to remember that every time your lease renews, your rent is likely to increase and you are going to be paying more for the same home. (Especially when rents are rising over 9% year-over-year). When you own your home, your mortgage payment remains the same each year. This provides financial stability (property taxes and homeowners insurance may vary slightly each year, but the principal payment should not).
Plus, did you know that despite rising prices, you can actually afford more house than ever before? This is due to record low interest rates! For most people, buying a home rather than renting is certainly advantageous. If you are struggling to decide whether to rent or buy, please contact us! Our team of expertise can guide you through the process to come up with the best strategy for YOU!