Colorado Springs Colorado Residential Rent and Rental Statistics
The median monthly gross residential rent in Colorado Springs, CO (the Colorado Springs metro area) was $1,251 in 2019 according to the Census ACS survey.1 Average gross rent in Colorado Springs was $1,274 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Colorado Springs median and average rent data will be released in September of 2021.
Data is also available below for Colorado Springs rental vacancy rates, Colorado Springs rent as a percent of median income and the fraction of renters in Colorado Springs.
Real Gross Rent in Colorado Springs Colorado (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Colorado Median Gross Rent | $1,369 | +4.34% | +11.66% |
| Colorado Springs, CO Median Gross Rent | $1,251 | +3.47% | +13.01% |
Colorado Springs, CO Real Gross Rent Trends
At $1,251, real median gross rent in Colorado Springs was at its highest level in 2019 since the series began in 2005. At $1,274, real average gross rent in Colorado Springs was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Colorado Springs: Colorado Springs CO Median, Colorado Springs CO Average, Colorado Median, US Median
Real Gross Rent History for Colorado Springs
| Date | US Median |
Colorado Median |
Colorado Springs, CO Median |
Colorado Springs, CO Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,369 | $1,251 | $1,274 |
| 2018 | $1,077 | $1,312 | $1,209 | $1,214 |
| 2017 | $1,043 | $1,279 | $1,182 | $1,216 |
| 2016 | $1,027 | $1,226 | $1,107 | $1,151 |
| 2015 | $1,017 | $1,179 | $1,113 | $1,145 |
| 2014 | $986 | $1,077 | $1,033 | $1,098 |
| 2013 | $953 | $1,023 | $1,028 | $1,085 |
| 2012 | $940 | $994 | $956 | $1,014 |
| 2011 | $941 | $972 | $950 | $1,011 |
| 2010 | $955 | $964 | $902 | $951 |
| 2009 | $960 | $970 | $903 | $956 |
| 2007 | $927 | $926 | $919 | $976 |
| 2005 | $910 | $946 | $931 | $973 |
Colorado Springs Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Colorado Springs Colorado was 3.21% according to Census ACS data.
Rental Vacancy Rate in Colorado Springs Colorado
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Colorado | 4.60% | -0.67% | +0.31% |
| Colorado Springs, CO | 3.21% | -0.94% | -0.63% |
Trends in Colorado Springs, CO Rental Vacancy Rate
The rental vacancy rate in Colorado Springs peaked in 2007 at 14.43%. Since then it has fallen by 11.22% to 3.21%. Data records for this series originated in 2005. From a 2017 post peak low of 2.18%, the rental vacancy rate has increased by 1.03%.
Rental Vacancy Rate: Colorado Springs CO, Colorado, US
Historical Rental Vacancy Rate data for Colorado Springs
| Date | US | Colorado | Colorado Springs, CO |
|---|---|---|---|
| 2019 | 5.97% | 4.60% | 3.21% |
| 2018 | 6.15% | 5.27% | 4.15% |
| 2017 | 6.18% | 5.18% | 2.18% |
| 2016 | 5.89% | 4.29% | 3.84% |
| 2015 | 5.85% | 4.47% | 4.79% |
| 2014 | 6.32% | 4.85% | 4.48% |
| 2013 | 6.49% | 5.26% | 4.89% |
| 2012 | 6.77% | 5.69% | 4.73% |
| 2011 | 7.40% | 5.63% | 3.72% |
| 2010 | 8.17% | 6.72% | 6.95% |
| 2009 | 8.43% | 8.00% | 8.12% |
| 2007 | 7.87% | 8.63% | 14.43% |
| 2005 | 7.74% | 9.35% | 8.46% |
Rent as a Fraction of Income
Using median household income data for Colorado Springs, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Colorado Springs, median monthly gross rent as a fraction of median household income was 20.67% in 2019 according to the ACS.
Colorado Springs Colorado Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Colorado | 21.30% | -0.20% | -0.09% |
| Colorado Springs, CO | 20.67% | -0.47% | +0.74% |
Trends in Colorado Springs, CO Rent as a Fraction of Income
The fraction of median Colorado Springs household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 21.14%. Since then it has fallen by 0.47% to 20.67%.
Fraction of Income towards Rent: Colorado Springs CO, Colorado, US
Historical Data for Annual Rent as a Fraction of Income in Colorado Springs Colorado
| Date | US | Colorado | Colorado Springs, CO |
|---|---|---|---|
| 2019 | 20.03% | 21.30% | 20.67% |
| 2018 | 20.50% | 21.50% | 21.14% |
| 2017 | 20.13% | 21.53% | 20.97% |
| 2016 | 20.43% | 21.39% | 19.93% |
| 2015 | 20.63% | 20.86% | 20.82% |
| 2014 | 20.89% | 19.97% | 19.75% |
| 2013 | 20.78% | 19.81% | 20.37% |
| 2012 | 20.65% | 19.74% | 19.50% |
| 2011 | 20.70% | 19.50% | 19.24% |
| 2010 | 20.50% | 19.16% | 18.74% |
| 2009 | 20.12% | 18.42% | 17.22% |
| 2007 | 18.66% | 17.13% | 16.97% |
| 2005 | 18.89% | 17.93% | 17.48% |
Renter Fraction in Colorado Springs Colorado
You can calculate the renter fraction in Colorado Springs in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Colorado Springs as a fraction of total Colorado Springs households. In 2019 35.08% of households were renters according to Census ACS data.
Colorado Springs Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Colorado | 34.15% | -0.71% | -1.09% |
| Colorado Springs, CO | 35.08% | +1.31% | -1.86% |
Trends in the Colorado Springs, CO Renter Fraction
The Colorado Springs household renter fraction peaked in in 2015 at 38.18% and is now 3.10% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Colorado Springs CO, Colorado, US
History of Colorado Springs Renter Fraction
| Date | US | Colorado | Colorado Springs, CO |
|---|---|---|---|
| 2019 | 35.89% | 34.15% | 35.08% |
| 2018 | 36.05% | 34.86% | 33.77% |
| 2017 | 36.13% | 34.80% | 36.31% |
| 2016 | 36.88% | 35.24% | 36.94% |
| 2015 | 36.97% | 36.25% | 38.18% |
| 2014 | 36.90% | 36.14% | 36.14% |
| 2013 | 36.50% | 35.49% | 36.59% |
| 2012 | 36.09% | 35.97% | 36.18% |
| 2011 | 35.42% | 35.62% | 36.93% |
| 2010 | 34.65% | 34.06% | 35.81% |
| 2009 | 34.13% | 32.99% | 32.99% |
| 2007 | 32.80% | 31.17% | 31.00% |
| 2005 | 33.10% | 32.18% | 33.99% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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