Year-Over-Year Rent Price Analysis
The subject of today’s snapshot is for East Colorado Springs, Colorado. Based on our analysis, East Colorado Springs’ year-over-year average rents increased across all bedroom types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for East Colorado Springs 1–2 bedroom rents from March 1, 2021 – March 1, 2022:
As the table shows, 1BR units increased by 17% from last year or $151 more, and the 2BR units increased by 15% from last year or $171 more. As demonstrated by the table, year-over-year performance for all selected bedroom types increased in rent prices from last year.
Market Activity: East Colorado Springs, Colorado
Are you interested in investing in East Colorado Springs? Location is an important factor to consider when finding a profitable market for a rental property. The key characteristics of a good location include a strong economy, a growing labor force, and high rental demand. Below are some quick facts about the East Colorado Springs rental market that can help you with your investment analysis and overall decision.
- Price-to-Rent Ratio
- Avg 2BR House Price: $318,084 (According to Redfin)
- Avg Annual 2BR Rent: $16,200 ($1,350 x 12 months)
- Price-to-Rent Ratio: 20
- Population Growth:
- Colorado Springs’ population increased by 15% over the last decade from 2010 to 2020 (According to US Census)
- Major Companies & Institutions: Vectrus, Spectranetics, Infinity Systems Engineering, Valdez International, Rocky Mountain Health Care Services, U.S. Olympic & Paralympic Committee, Colorado College, Rivada Networks, Ent Credit Union
- Employment Growth:
- Employment growth increased by 3% from 2020-2021 (According to US Bureau of Labor Statistics)
About Rentometer
Rentometer is the #1 tool for comparing residential rent rates anywhere in the U.S. To succeed as a real estate investor, you need solid, current market intelligence to help you set the right rent rates in Colorado Springs. Understanding local rents (and the factors that drive them) can help reduce investment risk, increase occupancy and improve your cash flow – and income. With Rentometer, you have local, current rents available right at your fingertips.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.