The five-digit 80919 label is both Zillow’s ZIP market identifier and a matched Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. In June 2026, Zillow’s ZIP-level ZORI was $1,705 per month, up 1.98% from a year earlier. ZORI is a typical observed asking-rent index blended across rental types, rather than a quote for every available unit. That modest rent increase sits beside Redfin’s direct rolling-three-month ZIP resale observation: its median sold price was $619,860, down 3.15% year over year. Annualized ZIP ZORI divided by that sale price equals a 3.30% cross-source screening ratio only, not a cap rate, net return, expected return, or property yield. The central tension is therefore positive asking-rent movement alongside a softer median resale price.
Same-month Zillow history keeps that tension in perspective. The one-year ZORI change was 1.98%, compared with 1.06% annualized across three years and 2.94% annualized across five years. Recent direction therefore confirms the longer positive path, and it has accelerated relative to the three-year rate, but it remains below the five-year pace. History has 100% coverage, so the backward-looking series does not contain missing-period gaps within its reported span. Monthly-return variability annualizes to 2.92%, which supports more confidence in the broad current level than in a precise short-run movement. Separately, the maximum historical drawdown was 3.40%, showing that declines occurred despite the positive multi-year changes. Transparent national discovery ranks among history-eligible ZIPs were 1,714 for momentum, 1,474 for stability, and 1,787 for the balanced measure; these are descriptive ranks, not forecasts or investment recommendations.
The matched ACS 2024 five-year survey describes a different evidence universe: occupied renter homes, rather than current listings, and median gross rent includes selected utilities. Its median gross rent was $1,849 with a $82 margin of error, above current ZIP ZORI; that difference does not establish that either source is incorrect because the populations and rent concepts differ. ACS median household income was $119,518. At a 30% rent-to-income screen, $1,705 monthly rent arithmetically corresponds to $68,200 of annual income, while annualized ZIP ZORI equals 17.1% of the area median household income. Neither calculation is advice or an applicant qualification rule. ACS also estimates that 1,393 of 2,908 renter households, or 47.9%, paid 30% or more of income toward gross rent; that burden measure cannot prove affordability for any particular household or unit.
The bedroom ladder should not be read as measured bedroom rents. Using ZIP ZORI scaled by the local HUD FY2026 ladder produces modelled monthly ZIP estimates of $1,178 for a studio, $1,437 for one bedroom, $1,705 for two bedrooms, $2,375 for three bedrooms, and $2,696 for four bedrooms. The underlying HUD two-bedroom standard is $1,910. HUD FMR/SAFMR values are administrative, bedroom-specific standards rather than asking rents, while the estimates are a modelling exercise anchored to Zillow’s blended index. They help express a consistent size gradient, but they do not identify the rent, condition, lease terms, or utility treatment of an actual studio, apartment, townhouse, or house.
ACS ZCTA housing counts provide stock and occupancy context, not a live listing inventory. The area had 12,142 housing units, with a 3.4% overall vacancy rate and a 24.8% renter share among occupied homes. Single-family units outnumber the large-multifamily component in the reported structure counts, indicating that the housing stock composition is not exclusively apartment-oriented. These figures cannot show which vacant homes are rentable at the current ZORI level, whether a vacancy is available immediately, or whether it matches a household’s preferred bedroom count. They also do not convert the ZIP-wide burden share into evidence about the payment pressure in a specific building.
Wider context places the ZIP below nearby rent readings: Colorado Springs city context was $1,739, El Paso County context was $1,777, and Colorado Springs, CO metro context was $1,779. Those city, county, and metro figures are broader context only and should not replace the ZIP-level ZORI in a 80919 analysis. The ZIP’s higher ACS median household income and lower renter share relative to broader reported context can coexist with its current asking-rent level because each figure has a distinct geography, population, and measurement framework. The useful comparison is directional: the ZIP’s blended asking-rent index is somewhat lower than all three wider rent-context values, not a declaration about any individual property’s pricing.
Redfin’s data remain firmly in the for-sale universe. In its direct rolling-three-month ZIP resale observation, 148 homes sold with a median marketing time of 29 days; inventory stood at 147 homes and months of supply were 3. Average sale-to-list was 99.0%, while 25.0% of sales closed above list. Those are resale liquidity and pricing signals, not rental transactions, leasing comps, or property operating results. The resale evidence challenges a simplistic interpretation of the rent history: asking rents rose over one year, yet median sold prices declined, and sale-to-list results remained slightly below list on average. The ZORI-to-price screen is useful only as a cross-source comparison of the rent index with the median sold-price observation.
Several limits remain material. ZORI is a blended ZIP index, ACS is a survey with margins of error, HUD is an administrative standard, and Redfin is a rolling resale observation; none supplies unit-level rent, expense, or condition data. Concrete property-level checks include the current advertised rent and its date, bedroom count, included and excluded utilities, fees, lease length, concessions, square footage, condition, and whether the listing remains available. For a resale property, the relevant checks also include its individual sale history, list-price changes, physical condition, and any charges not represented in the ZIP rent index. The decision-relevant unresolved question is whether a specific property’s documented terms align with these separate ZIP-wide signals without treating any one source as a complete answer.
","findings":[{"body":"ZIP ZORI increased 1.98% over one year, exceeding the 1.06% annualized three-year change but remaining below the 2.94% annualized five-year change. This confirms a positive historical direction while showing that the latest pace is not the strongest rate in the available history. The series is backward-looking and should not be used as a forecast.","title":"Rent growth is positive, but the longer trend is not uniformly accelerating"},{"body":"Zillow’s $1,705 ZORI is a blended observed asking-rent index, while ACS reports a $1,849 median gross rent for occupied renter homes and includes selected utilities. The difference is informative about source scope, not proof of a market contradiction. ACS survey uncertainty and the timing, unit mix, and utility treatment should remain explicit in any comparison.","title":"Current asking rent and ACS gross rent answer different questions"},{"body":"Redfin’s direct ZIP resale observation shows a $619,860 median sold price that declined 3.15% year over year, even as ZIP ZORI rose. Homes sold in a market with 29 median days on market, 3 months of supply, and an average sale-to-list ratio below 100%. This is a resale-market tension, not evidence about rental transactions or property operating economics.","title":"Resale pricing softens the interpretation of rent strength"},{"body":"The studio-through-four-bedroom estimates use the local HUD ladder to scale the ZIP-wide ZORI. They are useful for expressing a consistent relative bedroom pattern, but they do not measure actual bedroom-specific asking rents. HUD FMR/SAFMR is an administrative standard, and a unit’s lease price can differ because of utilities, condition, fees, timing, concessions, and other property-specific terms.","title":"The bedroom figures are modelled estimates, not observed rents"}],"risks":["A blended Zillow asking-rent index can differ materially from a specific available unit because it does not disclose that unit’s condition, size, utility treatment, lease term, fee schedule, or concession package.","ACS ZCTA estimates are five-year survey measures for a statistical area, not USPS delivery ZIP records, and their occupied-renter gross-rent and burden measures should not be treated as current listing evidence.","The annualized ZORI-to-sale-price figure combines separate rent and resale sources. It omits financing, expenses, taxes, insurance, maintenance, vacancy experience, property condition, and all transaction-specific economics.","Vacancy, renter share, housing-stock composition, and rent burden are area-level measures. They cannot establish availability, affordability, demand, or payment performance for a particular property or applicant."],"qa":[{"a":"The two measures use different universes. Zillow ZORI is a current ZIP-level typical observed asking-rent index blended across rental types. ACS median gross rent is a five-year survey estimate for occupied renter homes and includes selected utilities. Different timing, tenant occupancy, utility inclusion, and rental mix can produce different values without either source being wrong.","q":"Why is Zillow ZORI lower than the ACS median gross rent?"},{"a":"No. The studio through four-bedroom values are modelled monthly ZIP estimates created by scaling the blended ZIP ZORI with the local HUD bedroom ladder. They are not measured asking rents, lease transactions, or property-level comps. HUD FMR or SAFMR is an administrative bedroom-specific standard, not a direct observation of current advertised rent.","q":"Are the bedroom rent figures actual observed rents for 80919?"},{"a":"It does not directly describe rental conditions. Redfin’s rolling-three-month observation records ZIP for-sale activity, including sold prices, sales volume, marketing time, inventory, supply, and sale-to-list outcomes. Its contrast with rising ZORI is useful as a cross-market tension, but it cannot establish lease pricing, renter demand, operating expenses, or rental investment performance.","q":"What does the resale data say about rental conditions?"},{"a":"The complete historical coverage and relatively modest annualized month-to-month variability support using the current ZORI as a broad ZIP-level reference point. However, the historical drawdown and differences among one-, three-, and five-year growth rates show that a single current value should not be treated as a precise near-term trajectory or a substitute for a live property listing.","q":"How much confidence should be placed in the current ZORI snapshot?"}],"sources":[{"key":"apartment_list_time_on_market","name":"Apartment List Time on Market — listing liquidity","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/category/data-rent-estimates"},{"key":"apartment_list_vacancy","name":"Apartment List Vacancy Index — rental vacancy","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/apartment-list-vacancy-index-methodology"},{"key":"census_zcta_facts","name":"Census ACS five-year — ZCTA housing and income","release":"ACS 2024 5-year ZCTA","pulledAt":"2026-08-08","url":"https://api.census.gov/data/2024/acs/acs5.html"},{"key":"hud_zip","name":"HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback","release":"ZIP-CBSA 2025Q4 + SAFMR FY2026","pulledAt":"2026-07-26","url":"https://www.huduser.gov/portal/datasets/usps_crosswalk.html"},{"key":"realtor_county","name":"Realtor.com Economic Research — county listing inventory","release":"county inventory 2026-06","pulledAt":"2026-07-28","url":"https://www.realtor.com/research/data/"},{"key":"redfin","name":"Redfin Data Center — inventory, days on market, and price cuts","release":"metro tracker through 2026-05-01","pulledAt":"2026-07-26","url":"https://www.redfin.com/news/data-center/"},{"key":"redfin_zip","name":"Redfin Data Center — ZIP resale activity and supply","release":"ZIP rolling 3 months through 2026-06-30; updated 2026-07-03","pulledAt":"2026-08-12","url":"https://www.redfin.com/news/data-center/"},{"key":"zillow_county","name":"Zillow ZHVI and ZORI — county values and rents","release":"county ZHVI/ZORI 2026-06","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori","name":"Zillow ZORI — metro market rents","release":"Metro_zori_uc_sfrcondomfr_sm_sa_month.csv","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_city","name":"Zillow ZORI — city market rents","release":"zillow_zori_city.csv","pulledAt":"2026-07-29","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_zip","name":"Zillow ZORI — ZIP market rents","release":"ZORI ZIP 2026-06","pulledAt":"2026-08-08","url":"https://www.zillow.com/research/data/"}],"history":[{"period":"2020-12-01","rent":1367.288965},{"period":"2021-01-01","rent":1367.325801},{"period":"2021-02-01","rent":1369.650315},{"period":"2021-03-01","rent":1396.864835},{"period":"2021-04-01","rent":1418.154989},{"period":"2021-05-01","rent":1452.78755},{"period":"2021-06-01","rent":1475.504847},{"period":"2021-07-01","rent":1501.302148},{"period":"2021-08-01","rent":1511.087645},{"period":"2021-09-01","rent":1521.058155},{"period":"2021-10-01","rent":1520.510465},{"period":"2021-11-01","rent":1533.434955},{"period":"2021-12-01","rent":1534.889309},{"period":"2022-01-01","rent":1551.25259},{"period":"2022-02-01","rent":1563.257284},{"period":"2022-03-01","rent":1585.338649},{"period":"2022-04-01","rent":1595.155773},{"period":"2022-05-01","rent":1602.443745},{"period":"2022-06-01","rent":1613.066328},{"period":"2022-07-01","rent":1626.309512},{"period":"2022-08-01","rent":1643.384331},{"period":"2022-09-01","rent":1638.899831},{"period":"2022-10-01","rent":1637.674848},{"period":"2022-11-01","rent":1613.851119},{"period":"2022-12-01","rent":1625.805411},{"period":"2023-01-01","rent":1649.166239},{"period":"2023-02-01","rent":1675.71652},{"period":"2023-03-01","rent":1684.003205},{"period":"2023-04-01","rent":1667.535578},{"period":"2023-05-01","rent":1663.371415},{"period":"2023-06-01","rent":1652.05881},{"period":"2023-07-01","rent":1645.278534},{"period":"2023-08-01","rent":1631.156995},{"period":"2023-09-01","rent":1632.780061},{"period":"2023-10-01","rent":1654.807175},{"period":"2023-11-01","rent":1673.215866},{"period":"2023-12-01","rent":1682.53557},{"period":"2024-01-01","rent":1663.477241},{"period":"2024-02-01","rent":1659.822239},{"period":"2024-03-01","rent":1644.570017},{"period":"2024-04-01","rent":1668.031476},{"period":"2024-05-01","rent":1676.178945},{"period":"2024-06-01","rent":1695.47059},{"period":"2024-07-01","rent":1686.717863},{"period":"2024-08-01","rent":1692.849969},{"period":"2024-09-01","rent":1697.763883},{"period":"2024-10-01","rent":1704.38707},{"period":"2024-11-01","rent":1712.109692},{"period":"2024-12-01","rent":1715.609588},{"period":"2025-01-01","rent":1704.902121},{"period":"2025-02-01","rent":1695.559679},{"period":"2025-03-01","rent":1674.226342},{"period":"2025-04-01","rent":1669.343237},{"period":"2025-05-01","rent":1662.524559},{"period":"2025-06-01","rent":1672.239555},{"period":"2025-07-01","rent":1681.233869},{"period":"2025-08-01","rent":1682.762663},{"period":"2025-09-01","rent":1681.994562},{"period":"2025-10-01","rent":1669.90525},{"period":"2025-11-01","rent":1663.048545},{"period":"2025-12-01","rent":1657.286681},{"period":"2026-01-01","rent":1672.646292},{"period":"2026-02-01","rent":1680.120613},{"period":"2026-03-01","rent":1705.802884},{"period":"2026-04-01","rent":1706.349076},{"period":"2026-05-01","rent":1714.020784},{"period":"2026-06-01","rent":1705.396644}],"historySummary":{"pointCount":67,"firstPeriod":"2020-12-01","latestPeriod":"2026-06-01","coverageMonths":67,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1672.239555,"endRent":1705.396644,"change":0.019827954015834592,"cagr":0.019827954015834592},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1652.05881,"endRent":1705.396644,"change":0.03228567510862401,"cagr":0.010648107083205405},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1475.504847,"endRent":1705.396644,"change":0.15580551800112108,"cagr":0.029382907550086657}},"maxDrawdown":-0.03399544244095232,"annualizedVolatility":0.02920745588190228,"consecutiveReturnCount":66}}