To summarize the Colorado Springs market in October in one line: rents are stagnant, and home prices are holding steady with slight pressure.

However, before looking at the numbers, there's one thing to note. The October statistics for home prices have not yet been released, so the most recent sales data is from September.

Let's start with rents. According to the Apartment List November report (reflecting October trends), the median rent in Colorado Springs is $1,368.

This is nearly the same level as last month and has increased by 1.3% compared to a year ago. The same organization reported that the national median rent for October was $1,384, which is a 0.1% increase from the previous year.

For reference, the national vacancy rate in October was 7.0%. The median rent is the middle value when all listings are arranged by price, so it is not overly influenced by a few high-end complexes.

In simple terms, the price range is similar to the national average, with a slightly larger increase than the national level. It hasn't jumped significantly in either direction.

The average starting prices by bedroom count are also available on the same page. Studio apartments start at $1,034, 1-bedroom at $1,391, 2-bedroom at $1,722, and 3-bedroom or more at $2,268.

Here, the starting price refers to the base rent excluding fees. You should consider that actual contracts will include management fees and various other charges.

We also need to look at the vacancy rate. According to local data provider 1876 Analytics, the apartment vacancy rate for the second quarter was 6.6%, down from 7.3% in the first quarter.

In the same report, the average rent increased from $1,389 in the first quarter to $1,419 in the second quarter. The third quarter figures have not yet been confirmed.

A decreasing vacancy rate indicates that the number of vacant homes is declining. However, there is a reason why rents are not rising significantly.

That reason is concessions, or move-in incentives. For example, a complex in Briargate offered up to 10 weeks free rent for a 12-month lease if applications were submitted by the end of September.

Ten weeks means two and a half months free, which surprised me at first. This is why it's important to calculate the effective monthly rent rather than just looking at the surface rent.

There is still a lot of supply. According to the Pikes Peak Regional Building Department, as of September 14, there are 4,110 housing units under construction.

In contrast, the number of new permits issued from January to August this year was 798, down 14% from 924 during the same period last year. Once the current construction is completed, there may be signals that supply could tighten.

Now, let's move on to sales. According to the Pikes Peak Association of Realtors (PPAR), the median sales price in September was $450,000, with 1,101 transactions.

The average days on the market was 59 days. Days on the market refer to the number of days from when a property is listed until it goes under contract, which has increased from 52 days in July.

In July, the median sales price was $460,000 with 1,359 transactions, indicating a clear pause as we enter fall.

When looking at the county level, the picture changes slightly. According to the Colorado Association of Realtors, the median price for single-family homes in El Paso County in September was $484,700, a 0.8% increase from the previous year.

Townhomes and condos were priced at $297,850. PPAR combines all types of housing in its MLS region, so these two figures should not be directly compared.

Redfin reported that the median sales price for the last three months up to September was $455,000, reflecting a 1.1% decrease from the previous year. Different organizations have varying scopes and methods, so while the trends may be similar, the numbers can differ slightly.

In summary, it seems accurate to interpret single-family homes as stable, while the overall market is slightly declining.

Interest rates cannot be overlooked either. According to Freddie Mac data cited by the Gazette, the average 30-year fixed mortgage rate was 7.03% as of September 24, which is higher than 6.30% a year ago.

When rates exceed 7%, the monthly payment for the same home changes significantly. It is natural for potential buyers to hesitate, leading to longer days on the market. Conversely, if rates begin to decrease, there could be a surge in demand.

Local issues, such as the relocation of the Space Command, are also being discussed. According to the command's announcement, the information support organization began relocating to Alabama's Redstone Arsenal in April, with the goal of moving more than half of the command by the end of 2028.

While local industry opinions suggest this won't significantly shake home prices, it is a variable to watch for rental investments that rely on military-related demand.

So, who is in a favorable position right now? For tenants, it is a market with considerable room for negotiation. Check the concessions of nearby complexes before renewing your lease.

For those looking to buy a home, it may be worth targeting properties that have been on the market longer. The longer a property has been listed, the easier it is to negotiate price adjustments or closing cost assistance.

Personally, I would prefer to wait and see how interest rates trend rather than rush to buy this year. The October sales statistics are typically released around mid-next month by PPAR and the Colorado Association of Realtors. When those numbers come out, we will reassess whether this trend continues.