Tips for Finding a Rental in Colorado Springs

Finding a rental in Colorado Springs can be a monumental task. Where do you begin? Where is the best place to search for a rental? What does it take to get that perfect rental? We’re here to help with some tips and pointers for finding a rental.

Over the past four years, housing affordability in Colorado Springs has shifted dramatically due to various economic factors. Initially, home prices surged as demand grew, but low interest rates kept mortgages relatively affordable. However, when interest rates increased, home prices stabilized but remained high. At the same time, property taxes, insurance rates, and HOA fees soared, making it increasingly difficult for potential buyers to qualify for home purchases.

In response to rising housing costs, the Colorado Springs rental market has expanded. Over the last three years, approximately 10,000 new rental units have been added, making it easier to find available properties. This influx has even helped soften rental prices, offering a temporary reprieve for renters.

Is Renting the Right Choice for You?

For many, renting is a smart transitional option, especially for those new to Colorado Springs. Our clients often rent while familiarizing themselves with the city and deciding on a neighborhood they love. Many renters are also in life, career, or financial transitions and find renting a flexible and convenient solution until they are ready to buy.

Where to Find Rentals in Colorado Springs

About 30% of all rentals in Colorado Springs are listed on the Multiple Listing Service (MLS), but most are found on property management websites and popular real estate platforms. Here are some top websites to search for rentals:

Additionally, check out Facebook groups (especially military-specific groups if you’re PCS’ing) and local property management websites. Not all apartment complexes advertise online, so it’s worth driving around and looking for “For Rent” signs. Many landlords still rely on these signs, bypassing online listings.

Pro Tip: Smaller landlords and property management companies often respond more quickly to inquiries, and you may find better deals by contacting them directly.

Why Realtors in Colorado Springs Rarely Do Rental Showings

Unlike some states where real estate agents earn significant commissions for rental transactions (like Texas, where agents may receive a full month’s rent), Colorado REALTORS typically earn just 10% of the first month’s rent. This amount often doesn’t justify the time and effort involved in showing rentals. However, many agents, including us, can set you up with rental alerts through the MLS or other platforms, helping you stay informed about new listings.

Click here to sign up for Colorado Springs Rental Alerts

How to Schedule Rental Showings

Once you’ve found potential rentals, you’ll need to contact the property manager directly to arrange showings. Sometimes, property managers host open houses on a first-come, first-served basis. Keep in mind that persistence is key—call and email if needed, and start your search early to allow enough time to find the right fit.

Pro Tip: Larger corporate investors now manage many rental properties, and they often require scheduling through online platforms like Tenant Turner. Be prepared to provide identification and credit card information before scheduling showings.

Renting with Pets

Finding pet-friendly rentals can be challenging, as the number of available options drops by about 50%. If you own a cat, the availability is even more limited. While many pet owners are responsible, landlords often factor in the risk of potential damage, especially from cats. Expect to pay a pet deposit, which is capped by law.

Finding the Right Neighborhood

This can be a difficult question to answer if you are not familiar with Colorado Springs. You might have a preference about which school district or school you’d like your child to attend. Most people are also concerned about crime, which amenities are nearby, and potential commute times to work. The big deciding factor is usually how much the monthly rental rate is.

Download our Colorado Springs Neighborhood Guide
Tips for Researching a Neighborhood
Colorado Springs Relocation Guide

Which school is my student attending?Of course, in Colorado Springs you are not tied to a specific school because Colorado is a Choice State. But you will likely be responsible for your student’s transportation to and from school if you opt for something other than your neighborhood school.

Download our Colorado Springs Schools Guide

What is the crime rate in a neighborhood?Look up the street address of your potential rental at myneighborhoodupdate.net. This website will give you great insight about how much and what types of crime are happening in the surrounding area.

Related Reading: Is Colorado Springs Safe?

What’s the proximity to work?Commuting times have become much longer than that depending on where you live and what time you are commuting. If at all possible, we recommend driving your route to work from your potential rental property at the time you’ll usually be commuting.

What amenities are nearby?If you’re hoping to have shopping, gyms, parks and recreation or entertainment close by, most likely you will look in a much different area then if you’re looking to be close to the mountains with lots of hiking trails and opportunities to enjoy the outdoors.

What is your rent budget?Finally, what amount have you budgeted for a monthly rent payment? This will heavily influence where you want to look for a home. Of course, the bigger the house you need, the more it will cost. But smaller does not necessarily mean less expensive when it comes to certain neighborhoods.

If you need help exploring neighborhoods, download our Colorado Springs Neighborhood Guide and sign up for our Relocation Newsletter to learn more about the area.

What You Need to Secure a Rental

To rent a home in Colorado Springs, you’ll need:

Good Credit Score: Property managers assess your credit to determine your ability to pay rent. However, in 2023 new regulations pertaining to that.
Steady Income: Income requirements typically mandate that your monthly income is at least 2x the rent.
Positive Rental History: Previous landlords will be contacted to verify your rental history.

Thanks to new legislation (SB23-1099), renters can now use a Portable Tenant Screening Report (PTSR), which saves you from paying multiple application fees. This report includes your credit history, rental history, and other background information.

Lease Length and What to Expect

Most rental agreements in Colorado Springs are for 12 months, with shorter leases (6 months or less) being rare. Before signing, make sure you understand the terms, including how much notice is required to terminate your lease and any fees you may incur.

Final Tips

After signing your lease, schedule a walkthrough with the property manager to document the condition of the rental. Take photos, note any damages, and send them to the property manager for records. This will protect you when it’s time to move out.

By starting your search early, utilizing rental alerts, and being proactive in contacting property managers, you’ll increase your chances of securing the right rental in Colorado Springs.

Looking Ahead: From Renting to Owning

While renting offers flexibility and can be a smart choice for many, you might find yourself dreaming of homeownership in the future. When that time comes, we’re here to help you make the transition from renter to homeowner as smooth as possible.

Why Consider Buying?

Build equity: Instead of paying rent, you’re investing in your future.
Stability: Create a home that’s truly yours without worrying about landlord decisions.
Freedom: Customize your space without limitations.
Potential tax benefits: Homeownership can offer various tax advantages.

Ready to Explore Homeownership?

When you’re ready to take the next step, our team of experienced real estate professionals is here to guide you through every aspect of the home buying process. We understand that transitioning from renting to buying can feel overwhelming, which is why we’ve prepared resources to help you get started:

Remember, there’s no obligation in exploring your options. Whether you’re ready to buy now or just starting to consider homeownership, we’re here to provide expert advice and support.

Ready to start your homeownership journey or just have questions?
Contact us at 719-321-0800 or susanna@co-regroup.com. Let’s turn your homeownership dreams into reality!

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