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The Power Lies in the Hands of the Landlord

July 8, 2011

Rent prices are up. Big surprise there. But how much? The nationwide average is up 6.7% from June 2010, whereas prices for studio apartments are up 14.3%, and a five-bedroom home is 12.1% more. One- and two-bedrooms got off relatively easy, with average increases of 2.3% and 2%, respectively. Tenants will see the bulk of rent increases this year, predicts listing site Rent.com, but can expect another 3% jump when it’s time to renew in 2012.

So where are all the renters coming from? People are spreading out after having to share apartments with roommates or family during the recession, families that have been foreclosed upon need new housing, and people are moving to where new jobs are located. Here in Fort Collins, about 10,000 new jobs are being created by the new NASA campus in Loveland. This will certainly tighten the already taut market in Northern Colorado and allow for even more control by landlords.

With new buildings going up because of the rental boom, other markets may loosen a bit by 2013, however, the NASA deal will keep the market taut in Northern Colorado over the next 5 years while the jobs are being created. As I always say, Real Estate is local, not global. Any national average can make your situation look better or worse than it is, but it’s up to the agent as to how informed they would like to be.

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One Comment leave one →
  1. July 17, 2011 8:23 am

    Loving the info on this website , you have done great job on the blog posts.

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