MARKET SNAPSHOT

Colorado Springs
q1 2026

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AVERAGE RENT

$1,438 Q1 2026

OCCUPANCY RATE

89.9% Q1 2026

NET ABSORPTION

2,637 T4Q

ANNUAL RENT CHANGE

-2.4% Q1 2026

ANNUAL OCCUPANCY CHANGE

-90 BPS

UNIT COMPLETIONS

2,365 T4Q

KEY TAKEAWAYS

Demand momentum is building: Q1 2026 absorption of 664 units nearly tripled Q4 2025's 233 units, and trailing 12-month absorption of 2,637 units outpaced completions for the fourth consecutive quarter, a clear signal that the market is working through its inventory overhang.

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The construction pipeline has contracted 18% over the past four quarters and now stands at just 2.4% of base inventory, with trailing 12-month completions down over 50% from the prior period, indicating a decisive shift toward a low-supply environment.

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The average annual rent trend remains in negative territory, but the 1.7% quarter-over-quarter gain marks the first sequential increase after three quarters of softness. At the same time, stabilized occupancy improved around 40 basis points sequentially.

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MARKET OUTLOOK

Colorado Springs is approaching an early-cycle recovery that compares favorably to many Mountain West peers. Its correction has been shallower than Denver's, and with deliveries projected to fall...