It is expensive to rent in Denver as well as all along the Front Range of Colorado. Well guess what? It’s about to get worse. According to Zillow, the popular online real estate company, is warning Denver residents that the prices are about to get higher:
Prepare for rent hikes again, Zillow warns Denver area – The Denver Post
The Zillow Rent index for Denver is at $2,013 a month, the highest of any major metro area not located along a coast, and way above Chicago at $1,643, Dallas at $1,543 and Phoenix at $1,247 a month.
Zillow is calling for metro Denver’s already elevated rents to rise another 5.9 percent next year following a 4.1 percent increase this year. Only tenants in Seattle, up 7.2 percent, and Portland, Ore., up 6 percent, face steeper projected rent increases in 2017, according to the Zillow Rent Forecast.
Nationally, U.S. rents are forecast to rise 1.7 percent in 2017, matching the pace expected in 2016.
Zillow’s forecast, if it pans out, would put even more financial pressures on Denver-area renters, who have found housing costs consuming an ever-larger share of their incomes.
Read the full post here: Prepare for rent hikes again, Zillow warns Denver area – The Denver Post
This video by Channel 7 in Denver is a current assessment of specific areas in the metro area for the cheapest and most expensive rent prices for a one bedroom apartment. The lower regions are pushing $1,000 but the most popular neighborhoods are well over $2,000. The biggest problem? Wages are not keeping up with these booming costs:
Not only is Denver being affected by the rising expenses, all along the Rocky Mountains are experiencing this issue. In this post, the increasing prices all along the Front Range are discussed, specifically in Colorado Springs:
Apartment rents keep rising in Colorado Springs – KRDO
COLORADO SPRINGS, Colo. – The trend of increasing apartment rents in Colorado Springs shows no sign of slowing down.
Experts said the situation is pricing many people, especially senior citizens and low-income tenants, out of the market.
According to the latest report by apartmentlist.com, rent costs in the city rose 9 percent during the past year, the fastest rate of growth in Colorado.
Cindy Davis is among many tenants feeling the pinch. Her apartment owners raised her rent for the second time in 18 months.
“It was $910 when I moved in, then it went to $967,” Davis said. “If I were to renew for a whole year, it would be $1,091 dollars for a one-bedroom apartment.”
Davis said she can’t afford the increase and has turned in a two month’s notice to move out.
“I can’t find anything within my price range,” she said. “It’s sad. I’m a professional, nearly 40 years old, single and I can’t live alone in Colorado Springs without a roommate.”
The original post here: Apartment rents keep rising in Colorado Springs – KRDO
It is a typical story with many individuals in the area trying to find affordable housing in the Denver area. Even though the costs leveled out for a short time, the prediction by Zillow that they are once again trending upward is a little scary. When will it end? For the sake of anyone with a job in the area, hopefully soon.