Renter demand in Colorado Springs continues to outpace new supply by a wide margin, with trailing 12-month absorption roughly four times deliveries and annual demand exceeding completions for a fifth consecutive quarter.
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Occupancy climbed 140 basis points year over year to 91.8%, the third-largest annual gain among 50 markets tracked nationally, while effective rents rose 1.3% to $1,409, the first positive annual reading since Q1 2023.
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Development activity is reaccelerating, with trailing 12-month starts nearly quadrupling from a year ago and the pipeline expanding to 4.1% of inventory, though it remains significantly below its Q4 2022 peak.
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MARKET OUTLOOK
Colorado Springs has moved decisively from a supply-led to a demand-led market. Annual absorption has outpaced completions for five consecutive quarters...
