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Colorado Springs rents outpace wage growth over last 5 years

Rent costs in Colorado Springs are up about 31 percent over the past five years, and that's one of the fastest growth rates in the country -- but household wages in the city have only gone up 8.2 percent.

ApartmentList.com put together a list of the top 10 large cities with fastest rent growth over the past five years, and the Springs came in at No. 2. Another Colorado city, Aurora, took the top spot.

ApartmentList says the median rent for a two-bedroom apartment is currently $1,233 and that over the past five years, rents are up 30.8 percent.

Compare that to the average household income growth in the Springs, and rent is growing nearly four times faster. According to the U.S. Census Bureau, the average household income rose 8.2 percent, and it's even worse for per capita income, which only went up 3.2 percent over the past five years of available data.

The growth in rent prices has slowed slightly, though. Colorado Springs saw a 2 percent increase in rent, year over year, but that's still higher than the national average of 0.9 percent growth.

The city has been working to address affordable housing, click here to see the developments planned for 2018.


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