If you’ve been thinking of leaving the rental market and buying a home, now may be the time to make that move, Apartment rates in Colorado have never been higher.
Rents hit an all-time high in the first quarter of 2014, averaging $1,026. This represents an 8% increase over last year’s first quarter average of $950. The figures come from a recent report from the Colorado Division of Housing.
Particular hot spots were Ft. Collins and Greeley, where rents rose by a whopping 17.2% and 12.6% respectively.
“Rent growth has accelerated in Northern Colorado and metro Denver over the past year, pushed along by job growth and demand that continues to outpace new construction in many market areas,” said Ryan McMaken, an economist with the Colorado Division of Housing.
Average rents for the first quarter of 2014 were:
Metro Denver: $1,073
Fort Collins: $1,216
Colorado Springs: $822
Grand Junction: $525
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