Ranked as the third most desirable city in America, Colorado Springs is quickly becoming a popular and expensive city to move to and live in.
Because of its prime location, some neighborhoods in Colorado Springs are experiencing sharp increases in rent prices. In fact, certain neighborhoods have seen as much as a 12 percent increase in rent year-over-year.
Here are the five Colorado Springs neighborhoods where rent is increasing the most.
- Price increase over the past year: 6.82 percent
- Average rent for one-bedroom in Downtown: $1,708
With nearly 600 new residential areas being developed, Downtown is a region in Colorado Springs that is quickly becoming one of the most popular places to live. Downtown’s mission statement is “to ensure that Downtown serves as the economic, civic and cultural heart of Colorado Springs.”
With a dedicated focus on the community, Downtown offers residents a safe haven to call home. In an effort to involve and inform residents about what’s happening in the city, Downtown releases annual reports that detail community initiatives and provide transparency to everyone living there.
Because of this city’s growing popularity, renters have seen a roughly 7 percent increase in rent over the last year.
4. Southeast Colorado Springs
- Price increase over the past year: 7.55 percent
- Average rent for one-bedroom in Southeast Colorado Springs: $865
Southeast Colorado Springs is centrally located near the Colorado Springs Airport and the Peterson Air Force Base. Full of restaurants and shops, this area of the city offers multiple amenities to residents.
For those who work on the military base, this neighborhood is a prime location because of its proximity. Academy Boulevard is the focal point of the area and is full of both boutique and chain stores, as well as multiple rental options.
Rent for a one-bedroom apartment averages $865 a month, which is about an 8 percent increase year-over-year.
3. Palmer Park
- Price increase over the past year: 9.40 percent
- Average rent for one-bedroom in Palmer Park: $1,059
Once a large piece of land used to raise sheep, Palmer Park is now a booming neighborhood full of public, dog-friendly parks, hiking and biking trails. With more than 740 acres of open wilderness, it’s the largest park inside the Colorado Springs metro area.
As this area becomes more popular, rent prices have started to increase. Over the course of one year, rent as increased as much as 9 percent in the Palmer Park neighborhood.
- Price increase over the past year: 9.88 percent
- Average rent for one-bedroom in Powers: $1,128
The neighborhood of Powers in Colorado Springs was once a town centered around the military Academy to the north. The city was named Powers because it’s located on the track that the power lines took to supply power to the United States Air Force academy.
Nowadays, it’s a city that’s quickly growing and becoming a popular location for millennials and retirees alike. With close access to the mountains, hiking trails and shopping districts, Powers has seen a steep increase in rent.
- Price increase over the past year: 12.34 percent
- Average rent for one-bedroom in Norwood: $1,203
At an elevation of 7,000 feet, Norwood has become one of the most sought after neighborhoods in Colorado Springs. Surrounded by both desert plains and high mountains, this is one neighborhood people are quickly flocking to.
Norwood offers residents a chance to get out into nature and explore and experience an old-West feel, while also providing modern amenities like shops, restaurants and bars. Rental prices have increased by more than 12 percent in this desirable neighborhood.
We looked at all neighborhoods in Colorado Springs with sufficient available inventory on ApartmentGuide.com and Rent.com and compared the average price from August 2018 to August 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
The current rent information included in this article is based on August 2019 multifamily rental property inventory on Apartment Guide and Rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.