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Colorado Springs rents rising fastest in the nation

Colorado Springs rent; rising fastest in the nation

COLORADO SPRINGS, Colo. - Has your rent gone up? You're probably not the only one. Rent is rising in Colorado Spring at the fastest rate of any city in the nation.

The city is outpacing places such as Orlando and Tampa, according to a recent survey by Apartment List.

Rents are rising nationally by 2.7 percent, but in Colorado Springs rents increased more than 11 percent.

Tenants tell KRDO that they're feeling, "a lot of panic."

Louise Lynn said she was forced to move to another apartment after seeing her most recent rent bill had shot up $110.   

"I'm like, this can't be possible," said Lynn.

"I'm seriously thinking about going back to Utah, I have to do something," said Scott Wallen, another tenant in Colorado Springs.

Wallen's rent went up $141 monthly - at his apartment complex.

"This is the biggest increase I've ever seen in 4 1/2 years," said Wallen.

"These are conditions I haven't seen in my almost 20 years of selling real estate," said real estate agent Sylvia Jennings

Jennings said many young people are moving to Colorado Springs and more jobs are available.

"It's a new situation for us," said Jennings.

Her suggestion for people looking for rent they can afford is to,"start looking for properties early on, think about getting a roommate or a single family home and bringing people in," Jennings said.

Jennings also said if you plan on staying in the Springs, buying a house could be the right move. But she says, "It's very likely you're going to be in a multi-offer situation. Buyers need to be ready to move quickly, in many days the first day a house hits the market."

Colorado Springs still has more affordable living options than the Denver metro area.


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