Despite the high demand for apartments in Colorado Springs, the cost of living is still on par with the national average. The city is known for its rodeo and college-related activities. If you’re looking for an apartment in Colorado Springs, keep these factors in mind. The city’s affordability will help you decide whether renting an apartment in Colorado Springs is right for you. Listed below are the pros and cons of renting an apartment in Colorado Springs.
Colorado Springs is quickly rewriting the rulebook for secondary city growth. With its impressive growth rate of 17% over the last decade, the city may well become the poster child for secondary city growth in the Mountain West. Colorado Springs is also home to many lucrative industries, including aerospace, defense, and medical technology. With these ingredients in place, the renter market is poised for significant growth among young, educated residents.
Prices Are On Par With The National Average
In the past few years, Colorado Springs has been an excellent rental market, despite the soaring cost of living. The local population of 37,024 is primarily comprised of people in the 25-34 age range. Residents older than 45 make up just 2% of the rental market. Colorado Springs has a diverse range of rents, with the median renter-occupied household size being 2.35.
In general, the price of apartment for rent in Colorado Springs is about $1,465 per month, although this can vary significantly depending on location, unit type, and amenities. One-bedroom apartments are on par with the national average, at around $1,000 per month. Those seeking larger apartments should be willing to pay a little more. A roommate is required to share the expenses. While most experts recommend spending 30 percent of pre-tax income on housing, the average price for a one-bedroom apartment in Colorado Springs is more than half of this figure.
It’s A College Town
The demand for apartments in a college town is high. Landlords can charge higher rents because they can base it on room and board fees. But be wary of landlords who offer lower rents in college towns because they fear that the student population will outgrow the property and drive down the price. Here are some tips to avoid these pitfalls:
For affluent renters, location is critical. Luckily, Colorado Springs has excellent schools. The schools here generally score high on standardized tests and place an emphasis on college preparation. This makes Colorado Springs a popular college town for commuters. The University of Northern Colorado and the University of Colorado have campuses in the city. The city has a vibrant arts and culture scene as well, which is one reason why the housing market is so affordable in Colorado Springs.
It’s A Family-friendly City
When visiting Colorado Springs, you can find many fun activities for the whole family. You’ll find activities to keep the kids entertained at Paint Mines Interpretive Park, where you can view the canyon walls with their vibrant colors. Your kids can also try their hand at vintage pinball games at the Penny Arcade. Or, you can take them horseback riding at Garden of the Gods Park. Just remember to check the weather before you go – some attractions may be closed or require advance reservations.
It’s A Great Place For Outdoor Enthusiasts
For an ideal outdoor experience, rent an apartment in Colorado Springs. Whether you are a skier or a snowboarder, renting an apartment in Colorado Springs is a great place to live. Colorado Springs is also known for its affordable housing and quality schools. You can rent an apartment that is perfect for you and your pet if you want to live with your best friend.
The Peregrine neighborhood is one of the most beautiful places in Colorado Springs. This area is close to downtown Colorado Springs and is renowned for its breathtaking mountain views. Outdoor enthusiasts will love the proximity to the city’s parks and hiking trails. The Peregrine neighborhood offers great access to local amenities, such as shopping, dining, and entertainment. The Peregrine neighborhood is also close to parks, open spaces, and wildlife, and it’s easy to get around town via public transportation.