The average price of renting a two-bedroom apartment in Colorado Springs cost $1,100 per month as of March, while a one-bedroom unit costs $900 for the same period. If you have a limited budget, it’s worth considering other places despite the decline in rates for apartments in the city.
Rental properties in Centennial, Colorado could be a good option for finding rental units below $1,000. You should avoid looking in Denver and Aurora, where prices for two-bedroom apartments cost $1,940 and $1,440 on average, respectively, according to a report. One-bedroom apartments in these cities may cost between $1,190 and $1,510.
Still Cheaper Than The National Average
Whether or not you plan to rent an apartment in Colorado Springs, rents in the city are still cheaper than most cities in the U.S. The National Rent Report for March listed Colorado Springs as the 63rd least expensive place for rents nationwide. It collected data from 100 cities and over 1 million property listings for apartments.
Officials in Colorado believe that the cost of renting in the state has begun to decline, although renters should still expect a slight year-over-year increase. It could also be an indication of more people wanting to buy homes instead of renting one. According to the Pikes Peak Association of Realtors Housing Statistics, home sales in the Pikes Peak Region reached more than 1,800 properties in February.
Another reason involves a bigger supply of rental properties in the state. The Apartment Association of Colorado said that rents in Denver and elsewhere in the state have fallen in the last six months, partly because of more than 12,000 units launched in the previous year. If you have been thinking about investing in a rental property in Colorado, it’s wise to seek professional advice before doing so to avoid the inherent risks of a falling rents and an oversupply of apartments.
Most Expensive Markets For Rentals
Colorado Springs may be on the bottom half of the most expensive cities for rentals, but Denver ranks on the top 20 list. Rental rates for one-bedroom units in the state capital rose 5.6% in March year over year, while rates for two-bedroom apartments increased by 2.6% in the same period. If you think that $1,510 per month for a one-bedroom unit seems too expensive, then renting in San Francisco will make you want to reconsider that.
Average monthly rent for a one-bedroom unit in the city costs almost $3,700 while renting a two-bedroom unit costs $4,630. Median rents in New York City are the second most expensive at $2,870 for a one-bedroom apartment. Even renting a two-bedroom unit in the Big Apple is slightly less expensive by around $300 compared to the average rent for a one-bedroom unit in San Francisco.
Prospective tenants in Colorado have several choices for apartment rentals, but it can be confusing to pick if you are not just after a cheap monthly rent. If you can afford it, consult a property management firm to help with finding the right place to rent, while expert advice is more important for those who wish to dabble in rental property investments.