New Survey Reveals Fort Collins Rent is Still Rising
Surprise, surprise...rent in Fort Collins is still going up.
Part of the problem is caused by the increase of upscale units in the area, according to The Coloradoan.
These new, high-end buildings can cost up to $2,000 a month — a hefty price that only contributes to the current market's craziness.
Rent in Fort Collins is not only rising, but it is also one of the highest in Colorado. A survey, conducted by the Colorado Division of Housing, revealed that Fort Collins has the highest average rent per square foot at $1.56.
Fort Collins has not seen what is considered to be a 'normal market' since 2013.
In order to have a balanced market, a city should have a 5% vacancy rate. The rate in Fort Collins currently sits at around 3%, a number that isn't being helped by the city's rising population.
Northeast Fort Collins has the lowest rent prices in the city, with the southwest area taking the cake for the highest prices. According to real estate agent Don Dunn, southeast Fort Collins and Old Town are the most popular rental locations.
However, all hope is not lost. Dunn estimates that rent will stabilize in the next year or so, keeping rising prices at bay for the time being.
The market is also looking better for Fort Collins home buyers. According to the Colorado Association of Realtors, the median price of homes in Fort Collins dropped by almost $20,000 in August.
On top of the price drop, current homes are also selling a bit slower than usual. This means that potential buyers will have more time and options when it comes to choosing their perfect home.
It is important to remember that the survey primarily focuses on multifamily buildings, generally excluding duplexes or rented single-family homes.
Regardless, it can never hurt to keep an eye on the market if you are a current or future Fort Collins resident. No matter how much it hurts your wallet.