As rental rates rise in Colorado Springs, renters are becoming increasingly unhappy with the local market, according to the end-of-year report from Apartment List, one of the largest online apartment rental clearinghouses in the nation.
The San Fransciso-based company also provides market research on a national level, state and local level about rental rates, options and cities for the industry.
The report shows that a two-bedroom apartment in the Springs costs a median rate of $670, up 2.7 percent from 2014 numbers. And as rents rise, a higher portion of the city’s residents — more than half — spend more than 30 percent of their income on rent.
They’re not pleased — renters gave Colorado Springs a C+ for satisfaction, ranking it 60 out of 100 top cities. Denver ranked no. 15 out of 100 cities for satisfaction, despite higher rental rates of more than $1,200 for a two-bedroom apartment.
Statewide, the median income rates are $1,350 for a two-bedroom apartment, a 4.7 percent increase. But the state ranks high in overall satisfaction — in the top five, below Utah, Idaho and Minnesota and higher than Oklahoma.
And while more than 65 percent of renters in the city plan to one day buy a home, the national statistics for home ownership are at the lowest level since 1967, according to the organization, about 5 percent lower than pre-recession levels.
Click here for more information about the Apartment List’s end-of-year report.