COLORADO SPRINGS, Colo. - If you're a renter in Colorado Springs, you know: it's not cheap. Rent prices increased nearly six percent from 2015 to 2016.
A report released by Apartment List found Colorado Springs as the 10th most expensive place to live in Colorado. Local real estate brokers agree the trend will continue in 2017.
"Rent fees are just skyrocketing," said Peter Sahhar with Synergy Realty Group. "There's no question these rates will continue throughout next year."
Sahhar said as prices continue to spike, it will only help the housing market.
"It will seem like the more affordable option," he said.
"A great example: for renting a house that you pay $1,300 per month, that will cost you about $3,000. But taking advantage of a down payment assistance program you can pay $1,310 to $1,370 with a $1,000 down payment."
Cherie Pearson, property manager for Regency Tower Apartments, disagrees.
"I don't know if it's anything to press a panic button on as far as rents going crazy," she said. "We're seeing an increase in the market, it's normal."
Pearson said the reason is because many people are wary about signing a year lease.
"They're not sure what the future will hold."
Last year, rent spikes throughout the city was up 5.8 percent, which is the second fastest in the state. Even though we're following a trend of higher prices across the city, it doesn't seem to be scaring people away.
"I don't see people leaving the area," said Pearson. "People have always been fairly conservative and I think people really enjoy being here."
According to the study, renters gave Colorado Springs a "B-" rating for overall satisfaction.