A new type of home community is emerging in Colorado Springs to fill housing gap

COLORADO SPRINGS, Colo. (KKTV) -A new type of community is emerging, filled entirely with rent-only homes to address a rising housing gap.

According to the Pikes Peak Housing Network (PPHN), these build-to-rent housing communities are similar to apartment complexes in that they are only available for lease and offer amenities such as pools, clubhouses, and workout facilities.

Executive Director for PPHN Jill Gaebler said, “So it’s kind of the best of both worlds when it comes to being able to rent a property but also have the amenities that come with owning a home.”

According to PPHN, the housing prices have risen by 110% while income has risen only 41%. In addition, on the national level, the average age of first-time buyers has risen from 31 to 40 years old in the last 10 years.

“You would need to earn on average around one hundred and thirty-eight thousand to purchase the median-priced home. So that’s becoming more and more difficult for our community members,” said Gaebler.

PPHN says there are already several other communities such as this that are being planned to be built in Colorado Springs.