DLC, Dec. 1, 2022 /PRNewswire/ -- 22.7% of Colorado tenants reported that they have had to take on additional debt to cover rent this year, according to a recent study conducted by TurboTenant.
When we examine rental trends across the Front Range, it's no surprise why. Rent.com reports that monthly rent has increased by 23.8% year-over-year in Fort Collins; Denver tenants saw monthly rent costs jump by a whopping 45.7% during that same time frame. Even Colorado Springs experienced a jump in average monthly rent, boasting a 12% increase year over year.
Monthly rent has climbed alongside inflation, which has tenants concerned. When asked to select three words to describe their feelings about the economy, Colorado renters indicated they're scared, pessimistic, and frustrated - but purchasing property isn't a simple solution. Although 76.7% of Colorado renters say they would like to own a home someday, 30.4% of these hopefuls believe it's unlikely they'll be able to purchase property in the next two years.
Even those who think it's likely that they'll be able to purchase property soon will be facing an uphill battle. As of October 2022, less than 9,000 new home listings were posted across the state. Add in the fact that 51.9% of survey respondents had $0-$4,999 in savings, and it becomes clear that 2023's housing market is going to be rough for prospective homebuyers. That's why the landlord-tenant relationship is more crucial now than ever before.
Over the course of 2022, TurboTenant has deployed 11 surveys to landlord and renter audiences, garnering more than 4,000 completed responses. Their four-part report provides insight into why people become landlords, how landlords plan to expand their business, and the financial challenges faced by landlords and tenants alike. View the first State of the Rental Industry: 2022 Report here.
"It is common in times of economic uncertainty for tension to rise between tenants and landlords," said Seamus Nally, CEO of TurboTenant. "The best thing tenants and landlords can do is create a relationship based on empathy and respect. Rent is typically cheaper if you stay in your current rental, and vacancies mean lost income for landlords. At the end of the day, remember that you're on the same team."
More than 450,000 independent landlords across the U.S. enjoy TurboTenant's free, all-in-one online property management software. Features offered by TurboTenant include rental applications, tenant screening, property marketing, rent payments, lease agreements, and rent reporting. Please reach out to email@example.com for specific data requests.
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SOURCE TurboTenant, Inc.