High Rental Cost!!!!!! (Fort Collins, Boulder: real estate, 2014, apartment)

[LilRicky911]

Hello,

My husband and I were thinking about relocating from San Diego to Fort Collins in the near future. I have browsed this forum for a few months, have researched the area, and have visited your beautiful city. We LOVE Fort Collins but can any one explain to me why the rent for housing is so expensive?!?! I understand that it is a college town but we are currently renting here in San Diego for the same price and SQ FT of Fort Collins and we live across the street from the beach! Not only are Fort Collins rent prices ridiculous, but the average salary is about 40% less than what I am currently making as a Registered Nurse. So I guess my question is how can people afford to live there? I understand that housing prices are more affordable than here in San Diego, is there something we are missing? We really do Love Fort Collins and are disheartened by what we have found. Would love to hear opinions on this matter. We really would love to move to Fort Collins some day.

[Mike Weber]

Like you, many people want to move to this area after visiting and / or researching relocation destinations and finding lots of positive press on our little piece of heaven. Because of an influx of new residents and stagnant building in 2007-2011, the inventory is not keeping up with demand. The university's increasing enrollment plays a part, as well. In many cases, parents are willing to pay higher rates for student housing.

I am finding that many of my clients are moving here to retire. They have made their money in other places or have sold a home they own outright in another place and pay cash for their home when they move here. This keeps their monthly expenses lower than someone who has to pay rent.

I spent 7 years living in a mountain resort town in which housing was outrageously expensive and most wages were low. However, people really wanted to live there and those same people did whatever it took to make it. This often meant working additional jobs, commuting a bit farther, or living in a home that wasn't their dream home while keeping an ear open for a good deal.

Mike Weber

[jwiley]

That cannot be, people all over city-data try to tell me that things are not that out of hand in Fort Collins.

Now reality is you have a few things driving up the costs of rentals in Fort Collins, 1st of all there are designated open areas surrounding much of the city, when added to being butted up against the foothills there is not a large amount of open space to build more homes, add that to a rule on the books where more than 3 unrelated people are not allowed to live in a rental together, and the fact that so many people want to move here and you have a problem. However believe it or not the average price of a rental has gone down over the last year though, so at least it is not as bad as it used to be.

Which brings the next problem, there are 4 decent size universities within about an hour of Fort Collins, all with nursing programs, and for whatever reason many of them will take considerably less money for jobs than they could get elsewhere, all to stay in the area. Add that to the people like yourself who want to move to Fort Collins, and most good jobs have no problem attracting qualified personnel, meaning they do not have to pay as much.

Which of course adds to the issue of the rentals, you see the median home price in Fort Collins is $240,000 while the median household income is right about $52,000 a year, now I may not be the smartest guy in the world, but back when I did mortgages a few years ago the rule of thumb was that the average person could truly afford to buy a home that was 3 times their household income, now with lower interest rates I could see someone buying a house for 4 times their household income and being somewhat comfortable, but just under 5 times is a stretch no matter who you are. Meaning that the average household cannot really afford to buy an average home in Fort Collins, so they often rent as well.

[barefootmeg]

U+2 adds to the market being crunched. And the growth of CSU without a comparable growth of on campus housing is another problem.

[speshpresh]

Clearly you have never lived in NY or NJ.
FORT COLLINS IS A BARGAIN!!!! Great weather, low crime, active downtown area, trails and hiking, beautiful neighborhoods, friendly people, educated people....and cheap housing.
It's the best place to live.

[jwiley]

Rental rates have jumped 17% over the last few months, and of course salaries are staying pretty much the same, I don't know how people are making it.

Average rents spike 17% in Fort Collins, Boulder | Today's News | Northern Colorado Business Report

[Transplanted1985]

yup, i just heard that stat on the news, rents went up 17% this year. it's crazy. growth has been major, much to my dismay. i do not currently own a home here, have in the past,..wish i would still have real estate, cuz yes, it is a sellers dream right now.

i am renting,...and am looking for a 2 bedroom apt,...and i cannot afford it. i am in a 1 bedroom basement apt now,...and sadly, i feel like i need to move my teenager and me from fort collins. it is being filled with wealth. new bars, brewerys, specialty shops and restaurants are opening up seems like weekly,.....old town local businesss are having to close up due to crazy high rent increases for them downtown. it is turning into a city for those with money. it is a beautiful place with lots of fun things, great music, the outdoors, great schools, climate, etc,....but it is not the affordable "college town" i moved here for,...back in 1985.

Even CSU is letting those with big money determine that college football can dominate a university, and a community by building a huge brand new football stadium in the middle of town, (the current one resting on the western edge of town against the foothills isn't good enough for those (men) that want bigger and better and more ($$$).

streets are very busy, traffic is now a problem, and will get worse...crime, homeless,....everything that one would expect from a growing city,....but housing has become ridiculously high. i really miss what it used to be like. If you have an abundance of money, then you will absolutely love it here.

i am sad, very sad that i cannot afford to live here anymore.

average house costs over $270,000. People are selling in 1 day. ...people are placing offers without being here, looking at real estate ads on the internet. i know a lady who did that just that week,...she is moving here from arizona,...to retire here. she bought a home here, can't move here till october,....and in the clause of purchasing, she cannot even rent it out while she waits to move here,...as it has to be owner occupied. great place this ol fort collins,.....if you can afford it.

[StealthRabbit]

Originally Posted by Transplanted1985

yup, i just heard that stat on the news, rents went up 17% this year. it's crazy. growth has been major, much to my dismay. ...

i am sad, very sad that i cannot afford to live here anymore.
...

I said that 32 yrs ago when I was forced to leave CO due to growth / increased taxes.

If you need to stay... find a room in home of a senior couple (basement or garage apartment).

If you are in your earning yrs... move to an income tax free state (WY, SD, NV, WA, AK, TN, NH, TX, FL)

[astrnaughtwanabe]

i think the reason it is so expensive has been touched on in previous posts. When you have such a wonderful place to live it costs to play. I moved here 3.5 years ago from Las Vegas, NV. I LOVE it. I miss some of my desert sports(racing) but overall this is such a better place to be. I took a pay cut from about 27 an hour in NV to 14 out here. I am now up to just over 18, I am married, wife does not work she stays home with the 2 kids and we own our home. It was a change, we had to get rid of the fancy new truck i had and get something without payments, we payed my wifes car off and sold my dirtbike. and had to move north of fort collins to wellington(15-20 minutes north) I have recently got the bike back. you also have to think my car insurance went from $250 a month in NV to $80 a month out here. I used to put 25,000 miles a year on my trucks and now i put about 10,000, so you have less gas from week to week plus gas is cheaper here than NV anyway, its about .20 cheaper per gallon.

[blendin]

Fort Collins has always been expensive because it is a college town. Then in the 90s more and more people started moving there and building all around the surrounding areas, now it is urban sprawl for miles and downtown ft Collins is about the only places with walkable nightlife and nice city center.
I don't see how people afford it...? you have a handful of rich college kids, college kids burning up parents savings and...? workers from .. the college,,, anheuser busch(probably not)

In the rual outskirts McMansions have poped up everywhere, I have no idea how people can afford those..? Their is just not that many high paying jobs in the FT Collins area.