At the June reading, Zillow’s ZIP-level ZORI for 80923 was $1,954, up 1.4% from the same month a year earlier. ZORI is a typical observed asking-rent index blended across rental types, so it is a market indicator rather than a quote for a specific available home. The Colorado Springs city context had a $1,739 asking-rent index, the El Paso County context had $1,777, and the Colorado Springs, CO metro context had $1,779; each is wider-geography context, not a ZIP substitute. The ZIP’s current asking-rent level is therefore above each of those surrounding benchmarks, while the later resale evidence introduces a different near-term signal.
Behind that current figure, the rent path was positive but decelerated relative to its longer run. Exact same-month annualized ZORI growth was 1.4% over one year, 1.2% over three years, and 2.9% over five years. Recent direction thus confirms the broader upward path rather than reversing it, yet the latest pace trails the five-year record. The history has 100% coverage across 138 observations, making the sequence complete for the available period. Monthly index movement translates to 2.0% annualized variability, which supports somewhat greater confidence in the present snapshot than a highly erratic series would. The worst peak-to-trough decline was 2.1%, showing that setbacks occurred but were limited in this history. Transparent national discovery ranks were 1,833 for momentum, 140 for stability, and 889 for the balanced measure, where lower ranks are higher. These are backward-looking measurements, not forecasts or investment recommendations.
Source boundaries matter particularly because this five-digit Zillow market label matches a Census ZCTA. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. In the ACS 2024 five-year survey, matched-ZCTA median gross rent was $2,067, including selected utilities for occupied renter homes; the current asking-rent index is 5.5% lower. That survey measure should not be blended into an asking-rent conclusion. Likewise, the FY2026 HUD two-bedroom FMR was $2,140, 8.7% above ZORI. HUD FMR or SAFMR is an administrative, bedroom-specific standard rather than asking rent. Scaling ZIP ZORI with the local HUD ladder produces modelled monthly estimates of $1,351 for a studio, $1,653 for one bedroom, $1,954 for two bedrooms, $2,721 for three bedrooms, and $3,095 for four bedrooms. These are modelled estimates, never measured bedroom rents.
The affordability screen has two signals that should remain separate. Median household income in the matched ZCTA was $101,565, while annual income needed for the $1,954 monthly asking-rent figure at the 30% screen is $78,160. ZORI therefore equals 23.1% of the reported median household income. That required-income screen is arithmetic, not advice and not an applicant qualification rule. Separately, 49.9% of surveyed renter households reported gross-rent burdens at or above the stated threshold. The Colorado Springs city and El Paso County ACS context burden shares were higher than this ZIP’s, while the Colorado Springs, CO metro context remains a broader comparison rather than a ZIP household outcome. Neither area-level burden nor income establishes what any particular household can pay.
The matched ZCTA’s housing composition gives useful context for that burden result without identifying conditions in a specific rental. Renters represented 32.0% of occupied homes, meaning owner occupancy formed the larger occupied segment. The overall vacancy rate was 4.2%, and 308 units were recorded as vacant and for rent in the ACS survey. Those vacancies are a count within a survey geography and are not proof that a particular property is available, competitively priced, or vacant today. The structure mix was led by 10,445 single-family units, with large multifamily buildings representing a smaller component. This stock pattern, the renter share, and the vacancy reading describe the area’s surveyed housing base rather than direct leasing transactions.
Redfin’s direct ZIP resale observation belongs solely to the for-sale market. Its rolling recent-period median sold price was $477,892, down 1.9% year over year, with 154 homes sold and a median 39 days on market. The same resale observation reported 335 active listings and a separate inventory reading of 155 homes; that inventory reading increased from a year earlier. Months of supply were 3.0, a pace-based measure of listed resale supply rather than rental vacancy. Sale-to-list evidence was near parity at 99.6% on average, while 21.4% of homes sold above list and 41.3% went off market within two weeks. These are direct ZIP resale signals, not rental comparables or evidence about lease terms. Falling sold prices and rising inventory challenge any assumption that the stable rent history automatically implies equally firm resale conditions.
Annualizing ZIP ZORI and dividing it by the Redfin median sold price produces a 4.9% cross-source screening ratio. It is only a gross comparison between an asking-rent index and a resale median, not a property-level return calculation and not a measure of operating costs, financing, taxes, maintenance, vacancy, concessions, or realized income. The central tension is therefore clear: asking rent has continued to rise modestly and its historical path has been comparatively stable, while the direct resale record shows a lower median sale price and more inventory than a year earlier. The income screen is below the median-income benchmark, yet the surveyed burden share remains substantial. None of those signals resolves the others.
Several limits should govern interpretation. ZORI is an index rather than a unit quote, ACS estimates carry survey uncertainty and describe occupied renter homes, HUD standards are administrative benchmarks, and Redfin summarizes resale outcomes over a rolling period. Property-level work should document the actual advertised rent, bedroom count, included utilities, lease duration, concessions, listing date, and whether the home’s condition and location match the available comparison set. A resale review should separately verify actual closed sales, current competing listings, marketing time, and any list-price changes for the specific property type. The practical question is not whether one ZIP statistic decides the outcome, but whether a specific home’s current lease and resale evidence remain consistent with these separate market-level measures.
","findings":[{"body":"ZIP-level ZORI was $1,954, above the Colorado Springs city, El Paso County, and Colorado Springs metro asking-rent context values. That comparison is useful for locating the ZIP within wider market measures, but those wider geographies are not substitutes for direct ZIP evidence or for a specific property’s advertised rent.","title":"Current asking rent exceeds broader context"},{"body":"The one-year and three-year rent changes were positive but below the five-year annualized pace. Low variability, a limited historical drawdown, and complete available coverage support confidence that the index has not been highly erratic. They do not establish future rent growth, future leasing conditions, or a recommendation.","title":"Stable history masks slower recent growth"},{"body":"The required-income calculation sits below reported median household income, but nearly half of surveyed renter households had gross-rent burdens at or above the stated threshold. Income screening describes a benchmark comparison, whereas the burden result describes surveyed occupied renter households. Neither result determines affordability for a particular applicant or dwelling.","title":"Affordability arithmetic and burden tell different stories"},{"body":"The direct ZIP resale record showed a lower year-over-year median sold price alongside increased inventory, even as asking rent rose modestly. Near-parity sale-to-list performance and a meaningful share of homes going off market quickly add nuance. These are for-sale observations only and should not be converted into rental transaction evidence.","title":"Resale conditions challenge a uniform strength narrative"}],"risks":["Zillow ZORI is a blended asking-rent index across rental types, so it can differ from current quotes for a particular unit, bedroom count, lease length, utility package, or condition level.","ACS gross rent, renter burden, vacancy, and household income are five-year survey estimates for the matched ZCTA and include uncertainty; they do not provide a real-time tenant or property assessment.","The bedroom figures are modelled by scaling ZIP ZORI with the local HUD ladder. They are not measured bedroom rents and may differ from live listings, concessions, or utility treatment.","Redfin resale statistics summarize for-sale outcomes over a rolling period. They cannot establish rental demand, operating economics, property expenses, or the likely performance of an individual home."],"qa":[{"a":"They answer different questions and use different evidence universes. Zillow ZORI is a ZIP-level typical asking-rent index across rental types. ACS median gross rent is a five-year survey measure for occupied renter homes that includes selected utilities. HUD FMR is a bedroom-specific administrative standard, not asking rent. The modelled bedroom figures scale ZORI using that HUD ladder.","q":"Why does the report show several different rent figures?"},{"a":"No. The screen simply annualizes the ZIP asking-rent index and divides it by the stated income threshold. It does not incorporate an applicant’s income documentation, debts, household size, credit, lease requirements, deposits, utility obligations, concessions, or any property manager’s qualification standards. It is arithmetic rather than advice or a qualification rule.","q":"Does the required-income screen mean a household will qualify?"},{"a":"The rent history describes past Zillow asking-rent index movement, while Redfin describes direct ZIP resale outcomes. Positive rent changes and low index variability show a relatively steady historical asking-rent path. A declining resale median price and higher inventory are a separate for-sale signal. Neither source proves the future direction of the other market.","q":"How should the rent history be weighed against the resale data?"},{"a":"Confirm the actual advertised rent, bedroom count, included utilities, lease term, concessions, property condition, and listing date. For a resale comparison, review closed sales and active listings that match the specific property type and timing. Those checks keep market-level indices, surveys, administrative standards, and resale statistics from being treated as direct evidence about one property.","q":"What should be checked before applying these ZIP statistics to a home?"}],"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 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