Colorado STR intelligence, from the field.

Colorado Springs occupies an unusual position in the Colorado STR landscape: it is one of the state's largest cities and most-visited destinations, yet it is consistently underestimated by STR investors who focus primarily on mountain ski markets. For investors who understand the market, Colorado Springs and the surrounding Pikes Peak region offer a compelling combination of year-round demand, accessible acquisition costs, and a regulatory environment that is more permissive than many Colorado mountain towns.

The Demand Foundation

Colorado Springs draws approximately 20 million visitors annually — a figure that surprises many investors who think of it primarily as a military city. The tourism draw is anchored by a remarkable concentration of natural and cultural attractions: Pikes Peak (one of Colorado's most iconic fourteeners), Garden of the Gods (a free national natural landmark that draws 2+ million visitors annually), the US Olympic & Paralympic Museum, Cheyenne Mountain Zoo, Manitou Springs, and the Broadmoor resort complex.

This visitor base creates genuine STR demand that is meaningfully different from ski resort markets. Colorado Springs demand is less seasonal than mountain markets — summer is the peak season (driven by outdoor recreation and family tourism), but fall, winter, and spring all have demand drivers. Military-related travel (the city hosts Fort Carson, Peterson Space Force Base, and the Air Force Academy) provides a year-round baseline that ski markets don't have.

The Revenue Picture

For well-managed 3BR properties in Colorado Springs and the Pikes Peak region, annual gross revenue typically ranges from $65,000 to $95,000. Average Daily Rates run $220–$350 during summer peak and $160–$260 during the rest of the year. Annual occupancy for professionally managed properties typically lands between 68–78%.

Properties in Manitou Springs — the historic arts community at the base of Pikes Peak — command a meaningful premium over comparable properties in suburban Colorado Springs. Manitou's walkable character, proximity to Garden of the Gods, and authentic mountain town feel appeal to guests who are willing to pay more for a distinctive experience. ADR premiums of 20–30% over comparable suburban properties are typical.

Properties with Pikes Peak views command their own premium. A 3BR home with unobstructed Pikes Peak views will consistently outperform a comparable property without views, even controlling for all other factors. The mountain view premium in Colorado Springs is real and durable.

The Acquisition Cost Opportunity

Colorado Springs offers acquisition costs that are meaningfully lower than Denver or Summit County for comparable property types. A 3BR home in a desirable Colorado Springs neighborhood (Old Colorado City, Manitou Springs, Broadmoor area) that generates $75,000–$90,000 in annual revenue might be acquired for $400,000–$550,000 — a gross yield of 15–20%.

This yield profile is attractive relative to Summit County, where comparable revenue requires $800,000–$1,100,000 in acquisition cost. For investors who prioritize cash flow over appreciation, Colorado Springs offers a more favorable entry point.

The Regulatory Environment

Colorado Springs has a relatively permissive STR regulatory environment compared to Denver and mountain resort towns. The city requires an STR license and collects lodging tax, but has not implemented the owner-occupancy requirements or permit caps that constrain supply in Denver and Breckenridge. El Paso County (which governs unincorporated areas including many Pikes Peak properties) has its own STR permit process, which is generally straightforward.

Manitou Springs has its own municipal regulations and requires a separate STR license. The application process is manageable, and the town has not implemented the aggressive supply caps that some Colorado mountain towns have pursued.

What Drives Top Performance

Location is the primary revenue driver in the Colorado Springs market. Properties within walking distance of Garden of the Gods, in Manitou Springs, or with direct Pikes Peak views consistently outperform properties in suburban locations that lack a distinctive sense of place.

Amenity quality matters more in Colorado Springs than in some markets, because the competitive set includes a wide range of property types. A well-appointed property with a hot tub, outdoor entertaining area, and premium design quality will stand out in a market where many listings are basic vacation homes.

Guest experience execution is particularly important in a market where guests are choosing between a wide range of accommodation options (hotels, motels, vacation rentals). Properties that deliver consistently excellent guest experiences generate the review volume and rating quality that drives search ranking and repeat bookings.

Our Assessment

Colorado Springs and the Pikes Peak region represent one of the better-value STR investment opportunities in Colorado for investors who understand the market. The combination of year-round demand, accessible acquisition costs, and a permissive regulatory environment creates a favorable investment profile.

The market is not without challenges — it lacks the brand recognition of Breckenridge or Estes Park, and the competitive set is broader than in resort markets. But for investors who can identify the right property (location, views, amenity quality) and execute at the management level, the Pikes Peak region delivers solid risk-adjusted returns.

If you own a Colorado Springs or Pikes Peak property or are evaluating an acquisition, our team manages properties throughout the region and can provide a market-specific revenue projection.