A while ago, someone I know put their house in Colorado Springs up for rent. In a rush to find a tenant, they skipped proper credit checks and went straight to signing the contract. However, after two months, the rent started to fall behind. It took several months of stress before everything was sorted out. This is a common mistake for first-time landlords: skipping steps due to urgency.

The first thing to determine is the rental price. If it's set too high, the property may sit vacant for months, and if it's too low, the landlord will start at a loss. According to Zumper data, as of August 2026, the average rent in Colorado Springs is $1,872. A two-bedroom unit averages $1,495, while a single-family home is around $2,300. It's important to check where your property stands in relation to these averages. Comparing similar properties in the same neighborhood can provide a good sense of the market.

Once the rental price is set, it's time to advertise. You can post on sites like Zillow, Apartments.com, and Zumper with photos. It's best to take pictures during the day when natural light is available. Including details about room sizes, parking availability, and pet policies can significantly reduce the number of inquiries. Filtering out unnecessary questions can save a lot of time.

This is where it gets really important: tenant screening. Simply put, this is the process of verifying whether the person can consistently pay the rent. You must check their credit score, proof of income, and past rental history. Typically, income should be at least three times the rent. Calling the previous landlord to ask if there were any late payments can also be very helpful. It's crucial to base your judgment on verifiable criteria like credit score, income, and rental history.

Even after selecting a tenant, do not hand over the keys immediately. It's advisable to document the condition of the property with photos and videos before they move in. Capturing the state of the walls, any floor scratches, and whether appliances are functioning can reduce disputes later about what damages occurred during the tenancy. Walking through the property with the tenant and sharing a signed checklist can provide additional assurance.

Once a tenant is chosen, a lease agreement must be drafted. The contract should include the rental price, payment due date, security deposit amount, lease term, pet policies, and maintenance responsibilities. It's also important to specify who is responsible for utilities like water and electricity, and to note how much notice is required before visiting the property. Verbal agreements are useless if disputes arise later; everything must be documented.

There are limits on security deposits set by Colorado state law. For furnished homes, you can charge up to 1.5 times the rent, and for unfurnished homes, up to one month's rent. The deposit must be returned within 30 days after the tenant moves out, and if specified in the lease, it can be extended up to 60 days. If the terminology is unfamiliar, think of it this way: the security deposit is not money the landlord can use at will; it must be returned within a specified timeframe. Starting in 2026, landlords cannot deduct from the deposit for normal wear and tear or pre-existing issues. If a tenant requests an itemized deduction, the landlord must provide documentation within 14 days. Missing this deadline could result in losing the entire deposit, and in the worst case, the landlord may have to pay three times the amount as damages.

If a tenant fails to pay rent, there are procedures to follow for eviction. In Colorado, you must first send a 10-day notice informing them to pay rent or vacate. It is illegal to lock them out or remove their belongings without notice. Mistakes in this area can lead to complications for the landlord.

This concludes the essential steps to take when renting out a property in Colorado Springs for the first time. However, this article provides general information, and actual contracts or tenant issues may vary by situation. It is advisable to consult with a lawyer or real estate professional before drafting a lease agreement.