Rent Prices Hit New Highs in Fort Collins
Finding a room to rent at an affordable price is harder now than it ever has been as availability is still low and the prices are getting higher. According to a survey from the Colorado Division of Housing and Apartment Realty Advisors, the Fort Collins vacancy rate is about 3.3% which is up from 2.2%. However, a 5% rate is considered "balanced".
The Coloradoan reports that the median rent rate for Fort Collins has topped $1,300 for the first time. The Colorado Multifamily Housing Vacancy and Rental Survey says that rent rose close to 7.5% from a year ago, but some areas of Fort Collins saw a spike of 11%.
As for the need for vacancies, there are new apartments at Bucking Horse, Vibe and Cycle. According to the Coloradoan, Housing Catalyst is finishing up close to a hundred units at the Village at Horsetooth and are working with the city to provide more apartments for the homeless in the Midtown Arts Center.
According to Housing Catalyst, folks need to earn $23.50 an hour/full time to afford a two-bedroom rental unit in Fort Collins without spending more than 30% of their income on housing.