(COLORADO SPRINGS) — A new study reported that the overall median rent in Colorado Springs rose in August, but has decreased over the past twelve months.
According to a Colorado Springs Rent Report, rent in Colorado Springs increased by 0.3% in August, compared to a 0.1% decrease nationwide.
The overall median rent in the city stands at $1,458. Citywide, the median rent for a 1-bedroom stands at $1,205 while a 2-bedroom stands at $1,411. In comparison, the median rent across the nation is $1,241 for a 1-bedroom, $1,398 for a 2-bedroom, and $1,412 overall.
Colorado Springs landed in the 47th spot for median overall rent among the 100 largest cities in the U.S. This means rent in the city is 3.3% higher than the national and even similar to prices you could find in Austin, TX ($1,460 median) and Charlotte, NC ($1,447 median).
In comparison, Irvine, CA was named the city with the most expensive median overall rent of $3,009 while Wichita, KS landed in the last spot at $992.
Although median rent prices have increased, the report shows that median rent in Colorado Springs has decreased by a total of 1.8% over the past 12 months. Similar to the 1.1% decrease state average.
In 2023, there was a 2.4% decrease in rent growth, a huge change from the previous years that showed 4.3% (2022) and 14.4% (2021) increase.
Overall, rent growth is pacing similar to last year’s. The report says nationally, if historical trends hold prices will continue to fall for the rest of the year.
