COLORADO SPRINGS, Colo. (KKTV) - When it comes to our country's largest cities, Colorado Springs ranks fourth for the fastest year-over-year rent growth according to the latest report by ApartmentList.com.
The company shared some of the highlights for Colorado Springs in the most recent report:
- Rents in Colorado Springs are up 3.3 percent over the past year, the No. 4 fastest growth rate among the nation's large cities. For comparison, our national rent index grew by just 1.4 percent over the past year.
- Since 2014, rents in Colorado Springs have grown by 27.6 percent, outpacing the national average of 11.3 percent.
- The median rent for a 2BR apartment in Colorado Springs is currently $1,272 compared to the national average of $1,191.
Rent appears to be increasing across the state this past year among Colorado's major cities, with the exception of Pueblo. Pueblo is the only major city in Colorado to see rents fall year over year by -0.3 percent. A two-bedroom in Pueblo goes for about $791, according to the report.
Despite the rent growth, Colorado Springs is still more affordable than most large cities across the country. The report cites a median two-bedroom going for about $3,101 in San Francisco, nearly two-and-a-half times the price in Colorado Springs.
Methodology of the report from ApartmentList.com:
"Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month."