Recently, I heard that an old apartment complex built in the 1980s in northern Colorado Springs has completed a major renovation and is starting to rent units again. After updating the kitchen cabinets and bathroom tiles, and even replacing the windows, the rental prices have noticeably increased. This example suggests that the criteria distinguishing new from existing properties is not simply the year they were built.

So, what do the actual numbers show? According to data from 1876 Analytics, the average rent in Colorado Springs for the first quarter of 2026 is $1,389, which is lower than the $1,420 recorded in the first quarter of 2025. However, this statistic only accounts for established existing apartments and does not include newly available units that have just started renting.

Looking at the Springs Ranch area, which is dense with new constructions, the atmosphere is different. The average rent in this area is around $1,812, nearly 30 percent higher compared to the average of existing apartments mentioned earlier. This is because tenants expect in-unit washers, modern finishes, and quick maintenance responses.

Nationally, it is often reported that new constructions have rental prices that are about 10 to 20 percent higher than existing homes. According to the New Construction Trends report by RentCafe and Apartment List, this is a result of energy efficiency, modern amenities, and construction warranties. In areas like Springs Ranch, where new constructions are concentrated, this gap can widen to nearly 30 percent, but overall, it does not deviate significantly from national trends.

If you are approaching this from a rental income perspective, it is important to consider not only the initial rental prices but also the risk of vacancies. New constructions can command high rents from the start, but consistent increases are not guaranteed, while existing properties may show lower initial yields but can provide stable cash flow if maintenance histories are carefully reviewed. However, this does not guarantee any specific rental price increases.

It is also worth noting the flow of new construction supply. In the Colorado Springs area, over 6,000 new units are expected to be completed in 2024, marking a record year, while the construction pace is expected to return to normal levels in 2026. In simpler terms, the influx of new apartments that had been pouring in is now taking a breather.

When considering the advantages of new constructions, one key point is the difference in management costs. With the latest insulation and energy-efficient systems, heating and cooling costs are often lower than those of existing homes, and construction warranties apply for periods ranging from one to ten years. If the terminology is unfamiliar, think of it this way: if major components like plumbing or roofing fail, the builder is responsible for a certain period.

However, it is common for the monthly fees associated with HOA (Homeowners Association) to be higher for new constructions than for existing homes. The more community amenities like pools or gyms there are, the higher these costs tend to be. Colorado's climate also plays a role. Due to the dry conditions, significant temperature fluctuations, and frequent hail, roofs and exteriors can deteriorate faster than in other regions, so it is important to consider that older buildings may be approaching the time for roof repairs.

On the other hand, the strengths of existing homes cannot be overlooked. As seen in the remodeling example, older buildings that have been updated can often provide more space for the same budget, and established landscaping, neighborhood atmosphere, and proven school routes and public transport access are also advantages. For families looking for preferred school districts, the reputation of schools in these existing neighborhoods can serve as a basis for decision-making.

If you are moving to Colorado Springs from another state, it is wise not to estimate property taxes or insurance premiums based on your previous location. Property tax rates and homeowners insurance can vary significantly by state and county, and due to the frequent hail damage, insurance premiums may be higher than expected.

In summary, new constructions offer the benefits of lower management costs and warranties, while existing homes provide spaciousness and established neighborhoods. It seems practical to consider budget, management fees, and community characteristics when making a choice. School district boundaries change frequently, so be sure to verify the assigned school for the address before signing a contract. This article is not investment or legal advice, and it is recommended to consult with a professional before finalizing any agreements.