Why Your Colorado Springs Rental Isn’t Getting Offers: The Data Explains It
If you own a rental in Colorado Springs and you’re wondering why qualified tenants aren’t lining up at your asking price – or why your property is sitting vacant longer than expected – you’re not alone. It’s one of the most common questions in local landlord groups right now.
The answer isn’t about your property. It’s about what’s happening across the entire market. Let’s look at the data.
There are currently 3,517 active residential listings on the Pikes Peak MLS. To put that in context:
- 15% fewer active listings than one year ago
- 103% more than the 2021 COVID-era average
- 25% above the 2019 pre-COVID average
Every one of these homes is competing for the same pool of buyers – and every home that doesn’t sell becomes a potential rental, adding to your competition.
More inventory would be fine if demand kept pace. It hasn’t. Over the last 30 days, 816 homes closed across the Pikes Peak region. Closed sales are up 2% year-over-year.
The listing attrition ratio is 1.64 – transactions are still outnumbering failures, but the margin matters.
Homes that do sell are taking an average of 72 days to close. Buyers are negotiating an average 4.4% discount off the original asking price (CPOLP: 95.6%).
The squeeze is coming from both sides:
- More supply — Homes that can’t sell at asking price become rentals. Every month that inventory stays elevated, the rental pool grows.
- Fewer qualified tenants — The same affordability pressure that’s slowing home sales also limits what renters can pay. If someone can’t qualify for a mortgage, they often can’t afford a premium rent either.
- Price discovery is real — In a tight market, landlords set the price. In a loose market, the market sets the price. We’re moving toward the latter.
This doesn’t mean your rental is a bad investment. It means the market is telling you to price competitively, minimize vacancy, and focus on tenant quality over maximizing monthly rent. A vacant unit at $2,200/month is worse than an occupied one at $2,000.
The median home in Colorado Springs costs $3,403/month (mortgage + taxes + insurance at 6.1%, no down payment). That puts the payment-to-income ratio at 52% of the El Paso County median household income – well beyond the 28% threshold most lenders use for qualification.
When buying a home costs this much per month, it creates a ceiling on what the rental market can charge. Tenants who could pay premium rents are increasingly buying instead (or leaving the market entirely). The ones who remain are more price-sensitive – and they have more options than they did two years ago.
Want to see the live numbers? Explore the interactive market data — updated every 15 minutes from the Pikes Peak MLS.
Data sourced from the Pikes Peak MLS. Analysis generated February 27, 2026. All metrics based on residential listings (land excluded). CPOLP = Close Price to Original List Price. Months of Supply = Active Listings ÷ 30-day Closed Sales.