The Cost of an Apartment in Fort Collins Just Shot Through the Roof (If You Can Find One)!
As summer gets under way in Fort Collins, congratulations go out to all the CSU and local high school graduates! Congrats as well to the city of Fort Collins itself- FoCo just broke a record for the amount that landlords are charging for rentals.
Being a renter in Fort Collins is no easy deal, money wise. The Coloradoan reported that the AVERAGE for an apartment is now a whopping $1,200/month! That’s about $40 a day! But the crazy part- is that Fort Collins ALSO just set a new record for the amount of rentals that are available- the record being how many AREN’T available, really. Only 1.6 percent of all the units in Fort Collins were open during the first quarter of 2014.
With so few open units, the price of such a commodity increases. Supply. Demand. It does make sense. Still, it’s not like people are getting a steady increase in their pay, year after year, to keep up.
In the study mentioned in The Coloradoan, Colorado’s average for a rental rose by eight percent last year- but Fort Collins blew that out of the water with an average rental rate increase of 22 percent!
They ARE building more and more apartment buildings and more and more student housing in Fort Collins, that’s for sure. That should help with availability at some point, bringing the rental prices down. But, until all those units are completed, and until a certain number of them sit un-rented, the cost of an apartment in Fort Collins doesn’t seem to be moving anywhere soon.
And those recent CSU grads? I hope at least SOME of them studied Property Management!
[Source: The Coloradoan]