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Rent keeps rising in Colorado Springs despite economy hit by COVID-19

041020 MAY RENT.00_00_17_20.Still001

COLORADO SPRINGS, Colo. (KRDO) -- Despite layoffs and job scarcity amid the COVID-19 pandemic, rent prices continue to rise in Colorado Springs. However, in other big Colorado cities like Denver, the rent is actually going down.

Ron Throupe, a real estate professor at the University of Denver, says rent went up by $27 per unit in Colorado Springs between April and June.

In Denver, rent dropped $29 per unit.

But rent increases have become par for the course here in Colorado Springs.

"We had vacancies go down and rents go up, which is typically how it works when there is demand out there,” says Throupe.

However, renters in the Springs are shocked to see the rise, especially in this economy.

"We signed a lease in June actually and it increased quite a bit right in the middle of everything happening. So it totally surprised us, but what can you do?” says Richard Neckler, who rents an apartment in North Colorado Springs.

Prices have even driven some residents to pick up and move all together.

“It’s forced us to move to Washington for better opportunities,” says Anthony Trulson, a Colorado Springs native.

This past quarter, there were a net 645 new occupants in the Springs, with only 11 new units built.

Throupe says he doesn’t think that demand will let up anytime soon.

“Even if we have rents pull back - they likely wouldn't be very large," says Throupe. "People have this idea that rents will fall back a lot. That doesn’t happen, because people need a place to live, regardless."

Throupe says there has been a lot of in-state movement recently - specifically people moving out of Denver into surrounding areas.

He says if that were to happen in Colorado Springs, it may reduce rent prices, but not by much.

News

Mia Villanueva

Mia is a weekday reporter for Good Morning Colorado. Learn more about Mia here.

Comments

6 Comments

  1. “The rent is to damn to damn high!”

    That’s what you get when everyone wants to move here!
    Not enough homes means the demand is high and rent can go up!
    Sorry if you moved to CO for the weed and had no prospects of work but hey, you can always move back to wherever it is you came from!!

    1. Not everyone moved here because of the weed. There are many other good reasons to live in Colorado Springs, although lower cost of living is no longer one of them.

  2. Rent when up in CS because people actually want to live here vs Denver……..
    Plus Denver is/was just outrageous and needed a correction.

  3. “Throupe says there has been a lot of in-state movement recently – specifically people moving out of Denver into surrounding areas. He says if that were to happen in Colorado Springs, it may reduce rent prices, but not by much.”
    .
    That’s because there are hardly any rentable units, apartments in particular, in the surrounding areas.

  4. and if you have your foot in a mortgage here that you can swing-
    GROW WHERE YOU’RE PLANTED

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