A new report released by the Colorado Division of Housing has found that the average monthly rent for apartments in Colorado Springs has gone up by 5%. Right now that rent hovers around $759 whereas the average highest rent is closer to $840. This is a perfect example of how the law of supply and demand works when it comes to real estate. Because so many former homeowners are having trouble paying their mortgages they decided to move into apartments. And with fragile home sale prices those folks who’ve been saving up to buy their first home are finding it a lot more affordable to stay put in their apartments. All of this means that there are far fewer apartments then residents who need them. Thus when the supply goes down and the demand goes up so does the price.Colorado Moving and Junk Hauling
A new report released by the Colorado Division of Housing has found that the average monthly rent for apartments in Colorado Springs has gone up by 5%. Right now that rent hovers around $759 whereas the average highest rent is closer to $840. This is a perfect example of how the law of supply and demand works when it comes to real estate. Because so many former homeowners are having trouble paying their mortgages they decided to move into apartments. And with fragile home sale prices those folks who’ve been saving up to buy their first home are finding it a lot more affordable to stay put in their apartments. All of this means that there are far fewer apartments then residents who need them. Thus when the supply goes down and the demand goes up so does the price.