Colorado Springs is home to a diverse range of industries that provide employment to residents.
Military and defense
Some of Colorado Springs’ largest employers are defense contractors, with a concentration in space and missile defense. There’s also a large number of aerospace jobs in the city. Defense and security firm Lockheed Martin (NYSE: LMT) is a major employer.
Though the high-tech sector has decreased its presence in Colorado Springs through the years, it’s still a significant source of jobs. Some major companies that provide jobs in Colorado Springs include Verizon (NYSE: VZ) and Hewlett-Packard (NYSE: HPQ).
With its many attractions, such as Pikes Peak and Garden of the Gods, Colorado Springs is a major tourist hub. As such, the industry is a huge source of jobs for area residents.
Schools of note
Colorado Springs is home to several well-known colleges and universities, including:
- University of Colorado — Colorado Springs: Located in the Cragmoor neighborhood in northern Colorado Springs, the University of Colorado — Colorado Springs has a total undergraduate enrollment of 10,196. Though it offers its own student housing, many students also seek to rent in the area.
- Colorado Technical University Colorado Springs: Though Colorado Technical University is largely an online program, it also welcomes many students to its Colorado Springs campus, which is right near the city’s vibrant downtown area. The university itself doesn’t offer student housing, however, so those who attend classes in person need to secure housing on their own.
- Pikes Peak Community College: Pikes Peak Community College has three full-service campuses. Its Centennial Campus is located in southern Colorado Springs, while its Downtown Studio Campus is located in the heart of downtown Colorado Springs. Meanwhile, its Rampart Range Campus is located at the northern end of the city. The college enrolled 19,102 students during the 2019-2020 academic year.
Neighborhoods of note
Colorado Springs is divided into a number of distinct neighborhoods. Here are a few investors may want to focus on.
Cragmoor is the perfect neighborhood for students at the University of Colorado — Colorado Springs to reside in due to proximity to the campus. The area is known for its shopping and restaurants, as well as an array of nice parks. The average rent for a one-bedroom apartment in Cragmoor is $650. Compared to last year, the average rent price has remained flat. This low price point does a good job of drawing in students.
With access to both the University of Colorado — Colorado Springs campus and Palmer Park, the city’s largest park, Garden Ranch is a great spot for students as well as professors and academic professionals. The average rent for a one-bedroom apartment in Garden Ranch is currently $1,000. That represents a 4% increase compared to the previous year.
Located in northwestern Colorado Springs, Rockrimmon is close to the U.S. Air Force Academy, so it’s a convenient neighborhood for attendees and their families to live in. The neighborhood’s highly ranked school district is also a draw for families. The average rent for a one-bedroom apartment in Rockrimmon is $1,240. Compared to last year, the average rent price has remained flat.
Located about 20 minutes from downtown Colorado Springs, Briargate is loaded with amenities like restaurants, coffee shops, and breweries that tend to draw in young professionals. The average rent for a one-bedroom apartment in Briargate is currently $1,680, an impressive 27% increase compared to the previous year. This indicates that the area is in pretty high demand.
The bottom line on Colorado Springs
With the cost of living in nearby Denver continuing to rise, many people — especially younger professionals — are turning to Colorado Springs as a more affordable alternative. As such, it could be a good time to buy an income property there.
Furthermore, the more moderate price point for homes makes Colorado Springs a good starter city for newer investors on a limited budget, and while some neighborhoods are more expensive than others, there are still deals to be had in the city as a whole. Besides, when scoping out properties, investors will get a chance to take in some of the most breathtaking scenery our country has to offer, and that alone is a good reason to give Colorado Springs a look.