Is Now a Good Time to Rent in Northern Colorado?

Is Now a Good Time to Rent in Northern Colorado?

   First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Rent vs. Buy


People often ask if now is a good time to buy a home, but nobody ever asks when it’s a good time to rent. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their 2017 fourth quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Is Now a Good Time to Rent? | Simplifying The Market

As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.


Northern Colorado Rental Market numbers by www.rentcafe.com:

Fort Collins:

The average rent for an apartment in Fort Collins is $1,414, a 6% increase compared to the previous year, when the average rent was $1,330.

Studio apartments in Fort Collins rent for $1,081 a month, while 1-bedroom apartments ask on average $1,189 a month; the average rent for a 2-bedroom apartment is $1,376.

Loveland: 

The average rent for an apartment in Loveland is $1,399, a 6% increase compared to the previous year, when the average rent was $1,318.

Studio apartments in Loveland rent for $1,156 a month, while 1-bedroom apartments ask on average $1,289 a month; the average rent for a 2-bedroom apartment is $1,460.

Greeley:

The average rent for an apartment in Greeley is $1,111, a 6% increase compared to the previous year, when the average rent was $1,050.

Studio apartments in Greeley rent for $658 a month, while 1-bedroom apartments ask on average $941 a month; the average rent for a 2-bedroom apartment is $1,113.

Johnstown:

The average rent for an apartment in Johnstown is $1,532, a 3% decrease compared to the previous year, when the average rent was $1,587.

Studio apartments in Johnstown rent for a month, while 1-bedroom apartments ask on average $1,352 a month; the average rent for a 2-bedroom apartment is $1,655.


Bottom Line:

One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let’s meet to determine if you are able to today! Call Homes 4 NoCo Real Estate at 970-231-1753