Location: Colorado Springs, CO | Metro: Colorado Springs, CO HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,480 | $244,453 | 0.61% | D |
| 3BR | $2,050 | $369,564 | 0.55% | F |
| 4BR | $2,350 | $406,440 | 0.58% | F |
| 5BR | $2,726 | $477,824 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 80915 in Colorado Springs, CO, presents a dynamic rental market characterized by a balance between supply and demand. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1,600, while the actual market rent, measured by Zillow's ZORI, stands slightly higher at $1,688. This indicates that the rental market is slightly above the government benchmark, suggesting a healthy demand for rental properties.
The 0.3% price-cut share is a critical indicator of the market's health. A low percentage suggests that landlords are not frequently reducing their rents, which is often a sign that the market can support current pricing levels without significant adjustments. Additionally, the days on market (DOM) figure of 36 days for rental listings is relatively short, indicating that units are filling quickly once they become available. This quick turnover supports the notion that demand is robust enough to absorb new listings efficiently.
A median home value of $380,797 reflects the overall stability and desirability of the neighborhood. However, it also underscores the financial barrier many potential homeowners face, which could contribute to the high renter share of 29.2%. This substantial proportion of renters implies ongoing long-term housing pressure, as a significant portion of the population cannot afford to purchase homes, thus relying on rentals. This scenario is likely to sustain the demand for rental properties, ensuring a steady market for landlords and small-portfolio investors.
In conclusion, the market in ZIP 80915 appears to be one where demand meets supply effectively, with rental prices slightly exceeding FMR and a quick turnaround for available units. The high renter share points to sustained housing pressure, favoring the rental market over homeownership, which is beneficial for those investing in rental properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.