Colorado Springs apartment rent prices seeing ‘historic’ increases, yet again
COLORADO SPRINGS, Colo. (KKTV) - Heads up, apartment renters! You may notice the high apartment rent prices around Colorado Springs.
11 News first covered this same story back in September. At that point, Colorado Springs apartment rent prices were at historic highs, but that record has since been beat.
The University of Denver has done a yearly report of rent and vacancies in Colorado cities for about 35 years. Comparing the 2020 to 2021 third quarters, the rent has gone up roughly $219.07, which experts say is the largest increase in the history of the report.
“You take COVID, with the influx of people moving in. You take eviction moratoriums, nobody moving out. Then, on top of everything else, it’s expensive to buy, so more people are renting that maybe would have bought, seniors are retiring, don’t want yard work, Millennials haven’t saved enough to buy, you kind of have a perfect storm,” said Laura Nelson of The Apartment Association of Southern Colorado.
According to DU’s report, Colorado Springs quarterly increase in vacancy went to 6.1% from 4.4% with a 0.8% increase from 5.3% year over year, giving some expectation that rent growth will slow down.
“I think it’s becoming more and more attractive to Millennials. I think folks that like to be outside, and with COVID, that’s become more and more popular. People are camping, people are getting out into the campgrounds, the hiking trails,” said Nelson.
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