Rent is on the rise in Colorado Springs

The cost of living in Colorado Springs continues to rise, and every year, renters are paying more than the last.

For the size of Colorado Springs, rent has been fair for the most part. But things are changing — according to UCCS Director of Economics Tatiana Bailey, the last two years have been different.

“The affordability issue is becoming more and more of an issue, and what used to elude us here is now very much present in Colorado Springs,” said Bailey.

In a new study done by Apartment Lists, rent in Colorado Springs has seen an increase of 1.2 percent since last year, with the median rent for a two-bedroom apartment at more than $1,200, beating the national average by $50.

“A lot of times, the people who rent are specifically the people who can’t quite afford to get a down payment, they may be struggling to do that. And if lease rates keep going up, that makes it that much more difficult,” Bailey said.

An increase of 1.2 percent doesn’t seem like a big deal but, you have to look at the whole picture. In 2002, the average rent for an apartment was 600 dollars; in 2018, it’s nearly doubled. So what does the future hold?

“I don’t have a crystal ball, but I wouldn’t be surprised if it didn’t double, or double and then some,” said Bailey.

Some who live in Colorado Springs say it’s too expensive, while others say it could be worse.

“I was hoping for something closer to $700 a month and this one is probably closer to $900 a month with utilities and everything,” said Ashley Jones.

While Brennan Linne said it could be worse, “Even though it’s unfortunate that it is growing one percent, I just count my blessings and consider myself lucky that it is still cheaper here than Denver.”

Bailey said that since Colorado Springs has what she calls a “high-skill economy,” this leads to big jobs and big paychecks, which in return leads to a more expensive Colorado Springs.