Pikes Peak Housing Report: Rents Soften, Prices Edge Down as Multifamily Permits More Than Triple
Local leaders urge denser multifamily construction to widen choices for a 'missing middle' squeezed between subsidized units versus market rates.
Overview
- The Pikes Peak Housing Network released its 8-page 2025 State of Housing report at a Thursday evening public event in Colorado Springs.
- PPHN leaders say rents are starting to ease and mortgage rates have dipped below 6%, with home prices showing slight declines.
- Housing permit approvals rose in 2025, including more than three times as many multifamily units as in 2024, contributing to downward pressure on rents.
- The report underscores a growing 'missing middle' that earns too much for subsidies yet struggles with market rates, which developer Toby Gannett estimates includes 58% of residents.
- Affordability remains difficult for younger buyers, and PPHN expects more listings and continued price easing into 2026 as supply builds.