Ranked as the third-most desirable city in America, Colorado Springs is quickly becoming a popular — and expensive — place to live, with some neighborhoods seeing as much as a 12 percent increase year-over-year in one-bedroom apartment prices.
A study released last week by Rent.com found that rental rates in the 80918 neighborhood jumped 12.34 percent from August 2018 to August 2019, and tenants are paying $1,203 for a one-bedroom apartment.
The Powers and Palmer Park neighborhoods followed with respective price increases of 9.88 and 9.4 percent, according to the study. Southeast Colorado Springs, where rent for a one-bedroom apartment averages $865 a month, came in at No. 4 after seeing its prices increase 7.55 percent over the last year.
Downtown Colorado Springs rounded out the list. Although tenants pay on average $1,708 a month to rent a one-bedroom apartment downtown, prices have only increased 6.82 percent during the last year.
The study reviewed all neighborhoods in Colorado Springs with sufficient available inventory on Apartment Guide and Rent.com and compared the average price from August 2018 to August 2019.
Go to https://bit.ly/2pXWA7v for the full study.