Colorado Springs saw average rent prices decrease for one-bedroom apartments and increase for two-bedroom apartments across 2017, according to a new report from apartment search company ABODO.
The report, America’s 2017 Rental Market in Review, found that rents were on the rise nationwide throughout 2017, with the national median rent standing at $1,040 for one-bedroom apartments (up 2.4 percent) and $1,252 for two-bedroom apartments (up 3 percent).
“Colorado Springs renters found a bit of relief throughout 2017, with an average monthly decrease in rent price of 0.21 percent. The average rent price for Colorado Springs one-bedroom apartment was $901 in 2017,” Sam Radbil, senior communications manager for ABODO, told the Business Journal. “On the other hand, renters looking for two-bedroom apartments in Colorado Springs saw an average monthly increase of 0.33 percent, with an average price in 2017 of $1,088.
“When looking at statewide numbers in Colorado, we found that the average one-bedroom apartment rented for $1,004 and increased on average each month by 0.56 percent.”
The areas with the highest rental prices for one-bedroom apartments were Washington, D.C. ($2,205), Massachusetts ($1,945), Hawaii ($1,673), California ($1,631) and New York ($1,565), according to the report.
“Colorado Springs, specifically, finished the year as the nation’s 47th-most-expensive rental market [among 85 cities analyzed for the report] although the average price for a one-bedroom apartment came in at less than the statewide average for Colorado,” Radbil said.
This month, the median monthly rental price for a one-bedroom apartment in Colorado Springs sits at $908, he added, while the national median one-bedroom rent is $1,046.
Denver saw one of the nation’s biggest median rent increases for one-bedroom apartments in 2017, up 2.8 percent to $1,476, according to the report, while Boulder had the nation’s third-largest median rent increase for two-bedroom apartments, up 5 percent to $2,125.
The report showed that in 2017, Denver’s average monthly rent was $1,299 for a one-bedroom apartment and $1,670 for a two-bedroom apartment.
By contrast, San Francisco lived up to its high-rent reputation with an average monthly rent of $3,333 for a one-bedroom apartment and $4,373 for a two-bedroom apartment — the nation’s highest price for a two-bedroom apartment by a margin of more than $1,000.
Every month, ABODO calculates the median one-bedroom and two-bedroom rent price by city and state, and tracks the month-over-month percent change using more than 1 million ABODO listings nationwide, Radbil said. For the report, the firm analyzed the data for all of 2017 and found the average of the monthly percent changes in list price separately for each state and city.