After three consecutive down quarters, the Colorado Springs Rental Market experienced some nice gains for the second quarter of 2019.
The overall volume of rentals is up nearly 41% for all of El Paso County in the Second Quarter of 2019. Q2 is traditionally a strong quarter but this kind of jump is significant.
Average Price Per Square Foot
The average price per square foot is at 0.88 cents. This is down a little bit from the previous quarter but this number remains consistently positive over the previous 2 years.
Popularity and Affordability
We used the data from the first two quarters of 2019 to look at the most popular zip codes as well as the most affordable zip codes. We are using zip code information as opposed to neighborhood information because we feel like it gives us a more realistic picture. A hot neighborhood tends to generate activity in the surrounding neighborhoods as well. So, zip codes seemed to be the best way to capture those types of emerging trends.
Let's start with popularity
From a sheer volume standpoint, the 80817 zip code takes the prize for the most properties rent in the first half of 2019 at 117 units. This doesn't really come as much of a surprise because this is Fountain, Colorado the closest zip code to Fort Carson.
Fountain, Colorado has seen rapid growth over the past five years. The area has seen new residential projects like "Lorson Ranch" as well as a number of new commercial projects. Amenities like shopping and restaurants have grown in the Fountain area making it a much more convenient area to live in.
Rental rates in El Paso County Colorado have been steadily climbing since 2012. In many neighborhoods, this has created a real affordability problem. We are always on the lookout for affordable neighborhoods and one area that has emerged is the 80903 zip code.
80903 is home to much of Downtown Colorado Springs. While we don't necessarily associate affordability with the downtown area, the southeastern portion of this zip code does offer more affordability. This encompasses some very popular neighborhoods like Shooks Run and Prospect Lake. Located just west of Memorial Park. South of the Colorado Springs Central Business District and east of Interstate 25, the location is really convenient.
The median rent in the 80903 zip code is $1,195 and the median square footage is 1,060 square feet. This puts the median price per square foot at $0.92
Colorado Springs Luxury Rentals
At the other end of affordability is the luxury market. In Colorado Springs that niche is now occupied by the 80921 zip code. This zip code is home The Flying Horse neighborhood. This is a private luxury golf course community located in the Northgate area of Colorado Springs.
The median rental price for this neighborhood is $2,295 and the median square footage is 3,252 square feet. this is a beautiful neighborhood with lots of amenities in the neighborhood and close by. Here is a list of available rentals in the 80921 zip code.
As a Colorado Springs Property Management Company, it is important to stay on top of market trends. We examine these types of big-picture market statistics on a quarterly basis, so, if you are interested in the El Paso County or Colorado Springs residential rental market, make sure to bookmark our page.