Rising rent threatens to deter young professionals
Rising rent could prove to be be the latest hurdle in convincing young professionals to move to southern Colorado.
Earlier this week, the group “Apartment List” released a report that showed the cost of rent is rising faster in Colorado Springs than in any other city in the nation included in the survey.
At market research firm Elevated Insight downtown, several millenials told KRDO that while they moved to the area for various reasons, affordability was a factor for all of them.
“I did go to UCCS, but what kept me here was also the cost of living,” said employee Sam Orkin.
Debbie Balch owns the company, and says for a long time, cost of living was a big selling point when hiring.
“But now, if we’re increasing at a more rapid rate than other cities, that delta that sets us apart might be getting smaller,” she said.
That’s a concern for anyone looking to attract young professionals, because even if rising rent doesn’t scare off new talent, it might cost companies more money to hire them.
“In order to get the talent we need, we’re going to have to meet them at the income level that not only they desire, but they deserve,” added Kara Carroll, a senior research analyst with Elevated Insight.
None of the millenials who spoke to KRDO predicted the high cost of rent will force them to leave town.
Instead, they said they’re thinking about buying a home, instead of renting.
Employee Lauren Shakes said, “A mortgage payment would be so much cheaper than rent right now for a studio or a 1-bedroom. At least for myself, I’m looking at houses because it’s ridiculous to pay $1200 for a studio when I could be paying that on a house that I own.”
Balch hopes additional housing in the near future, especially downtown, will provide renters some relief.
According to Apartment List, the average 2-bedroom apartment in Colorado Springs now rents for just over a thousand dollars.
