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Old 08-12-2020, 06:00 PM
 
824 posts, read 530,987 times
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Regarding rent prices, we recently got our insurance and property tax renewals. Both went up $300/year. I'm guessing apartment complexes face increases of a similar rate and pass that on.
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Old 09-08-2020, 04:12 AM
 
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I'm not satisfied with the price.
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Old 09-08-2020, 10:28 AM
 
Location: Colorado Springs
3,698 posts, read 2,931,598 times
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Quote:
Originally Posted by ryanek9freak View Post
I am growing quite weary of people moving here just because they want to legally consume marijuana, which in and of itself I have no problem with. There are now 11 states where you can legally purchase and use recreational weed. Why is everyone coming here for that?
Its much bigger than just weed. This is a common myth propagated by the "get off my lawn" crowd. CO has a very robust and diverse economy with a host of recreation activities. This attracts people primarily. For some, the weed is a bonus. For others, it doesn't even matter.
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Old 09-10-2020, 09:38 AM
 
1,173 posts, read 1,386,860 times
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fast rising rents are happening all over the Country right now except maybe Fort Wayne Indiana ...
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Old 09-10-2020, 10:00 AM
 
1,173 posts, read 1,386,860 times
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from a recent article :
( I changed some of the wording to avoid Plagiarism )
As a property owner trying to keep my rent down so it is
more affordable for most people I find I can not do that this year. With the
cost of insurance and property taxes rising by hundreds
of dollars per year, I must pass that cost on to the renter
this year. My property taxes and costs have gone between $700
to $1400 .
when my costs rise, it will have to be passed
on to the renter, decreasing the supply of affordable
housing. and that is the what is happening in Colorado springs
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Old 12-25-2020, 06:06 AM
 
Location: Colorado Springs
6,070 posts, read 6,381,640 times
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‘It’s just so wrong’: Seniors left scrambling after apartment complex sold, raises rent

Seniors who live at Taylor Apartments say their rent was abruptly raised


https://www.kktv.com/2020/12/23/its-...t-raises-rent/

COLORADO SPRINGS, Colo. (KKTV) - Roughly 30 seniors had been living at Taylor Apartments in central Colorado Springs when new owners bought the complex in September 2020.

According to the seniors who had been living there, the apartment complex had been for people 55+ since it was built in 1964.

Calvin Newton and Jim Anderson, two people who live at the complex, reached out to KKTV 11 News for help. They said the new owners raised rent and allowed people of all ages to start renting out units.

“It was just completely changed with no warning,” Anderson said.

He showed Call For Action reporter Jenna Middaugh the rent notice that was left on his door Sept. 25. It stated his rent would increase to $849 on Dec. 1. Before, he told 11 News he had been paying $600.

Newton said he was in a similar boat.

“If he raised it 5 or 10 percent or $50 or something, you know, we find a way for that, but how can you come up with an extra $400 every month?” Newton questioned.

By early December, the seniors said there were only about 11 of them left at the complex.

“When that lease came out and the notice came out of the rent being raised, there were people who were living here already for a couple of decades. They panicked out. It was traumatic for them,” Anderson said.

He shared his 22-page lease with 11 News and said there were quite a few things in the document that concerned him.

“Things that implied that we have to get up on the roof, and we have to clean the gutters, and we have to do it at our own cost.”

Laura Keenan is one tenant who said she “escaped” the complex just in time.

“Even though I left the premises, my heart is still here,” she said. “I still believe in these people, and they shouldn’t have to go through this, and it’s gotten even worse. It’s ridiculous.”

Some of the remaining tenants are planning to move out. Diana Forest told 11 News she qualifies for Section 8 housing. That means she gets money from the government to help cover part of her rent.

“Section 8 won’t approve the hike in the rent amount, so I can’t live here,” she said.

Now, she’s planning to move out by the end of January, but when she spoke with 11 News in early December, she hadn’t yet found a place to stay.

“I bought a car that I can camp in, and if I have to move into my newer car and put a bed in there and stuff, I guess I’ll travel south where it’s warm,” Forest said.

11 News reached out to the new owners of Taylor Apartments. They declined to speak on camera but said they understand the tenants’ concerns and are doing what they can to work with them.

Colorado Springs City Council President Richard Skorman has been trying to help the seniors at Taylor Apartments. He worked with the city and other organizations to pull together funding to create a position at Silver Key to support impacted seniors. He said his goal is for the position to prepare seniors in case another complex gets bought out and the rent is raised.

“It would be my hope that we can get out there in the community to these kinds of complexes and really talk to people about their leases, understand who the ownership is, how secure their situation is going to be for the future,” Skorman said.

He admits affordable housing is a problem in Colorado Springs.

“There is some estimates that we’re 25, 30, 35,000 units short, and it’s not just seniors, but many other categories of people that are struggling to pay rent,” Skorman said. “Prices are going up. A lot of people on fixed incomes are really struggling in terms of trying to live on the money that they get.”

Melissa Marts works for the Pikes Peak Area Agency on Aging. She said waitlists for older adult housing is three to five years long.

“Every day another person turns 60 years old, so those numbers continue to grow and people continue to need services,” she said.

When complexes raise rent, she said that impacts seniors extremely hard because many live on fixed incomes.

“There’s no way they’re going to see more money coming. That is what they have, and so they don’t have an option of even considering any of our newer apartment complexes that are going in with average rents of $1,200 a month,” she said.

One way seniors can find cheaper housing is through Sunshine Home Share. It’s a program that pairs older adults up so they can split the cost of rent.

Marts said she’d also like to see the waiting list for senior housing more organized, so seniors don’t miss out on opportunities.

“I hate to say more government or anything like that, but sometimes I wonder, you know, for an older adult to just be able to call or put an application into one place instead of having to do it to the 21 units across the city, you know? Can there just be one stop to make that happen?”

Marts said she hopes in the future, companies reach out to the Pikes Peak Area Agency on Aging to give them a heads up if they plan to buy out senior housing complexes.

“We sure don’t want to see more people come in and buy things and just change it up and kick older adults out. There’s got to be a little bit more of a plan.”

Until the community can find a long-term solution or build more affordable housing, Silver Key said it will continue to support the seniors who have been impacted.

“We can offer them real food assistance, real ride assistance, real assistance when it comes to housing navigation and then somebody to talk to and to work through whatever those mental health, behavioral things that come with the jarring that occurs when you are ripped from your home suddenly and at the holiday season,” said Derek Wilson, Silver Key’s chief strategy officer.

Seniors who find themselves needing help can call Silver Key at 719-884-2300. The Pikes Peak Area Council of Governments also has a Yellow Book with helpful resources for seniors."
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Old 12-26-2020, 01:42 PM
 
1,559 posts, read 2,718,089 times
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I was going through some boxes last week. I found some paper work from my first lease I signed in COS in 2007. $670/month for a 700 square foot apartment.
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Old 12-28-2020, 10:32 AM
 
Location: Colorado
15,090 posts, read 9,394,316 times
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There is no way in hell that owners of some of these properties are simply passing on totally reasonable costs of doing business. I maintain that the problem here is not your regular Joe Blow guy who owns a few houses and rents them out. It's these large investment firms that buy up housing and apartment complexes. When you're looking at a huge company that owns hundreds of apartment buildings all over the country, they don't give a damn if the rent is so high that some units go vacant a while since people can't easily afford it. They can absorb that, so long as it means overall valuation is pushed up, up, up everywhere.

Seniors aside, what about young people? I mean, I don't go so far as to think that minimum wage should be able to pay for what it once could....there was a time, when you could get a college degree, working your way through school on minimum wage. My husband did, in the 70s. There was a time when you could buy a very modest little ranch home or something and provide for your family...you would not be middle class, but you could make it. You could feed your kids, so long as you did not have expensive vices or anything. NOW? A full time minimum wage job is not enough for a single person to rent a single studio or one bedroom apartment to live in on their own. Nevermind college or a family. They'll be lucky if they can afford to rent a room in somebody's house.

And I could accept that maybe it's just this town, OK, somebody wants Colorado Springs to be a rich man's town, nobody wants low income housing in their backyard. Let all those lowlife poor get on buses or hitch a ride out of here to some other city, one with tenements. Except...it's everywhere. Except the middle of nowhere, where there also are no jobs.

Well...OK, it's not everywhere like it's here. I just did some checking. The first apartment I ever lived in, outside of Cincinnati, rented for $325 in 1997 and is going for $670 today, which is an increase of 5%/year. A townhome I rented in Washington state in 2008, for $905 is now going for $1395 which is also about 5%/year. I can't evaluate everywhere I've lived because sometimes I rented single family homes which then were bought and sold rather than rented...but one that I rented in 2012 when I moved here to the Springs, that then spent some time on the market and was sold a few times, the property value of the house itself went up a total of 89% or 15%/year in a span of the last six years. Then I was in an apartment after my divorce, in 2016, near Union & Academy, and the rent there has gone up an average of 11% per year since then.

11-15% a year, is a very fast, very high increase, especially in times where, last I heard, nobody's income was booming, people are struggling to be adequately employed.

I don't see what the point is, of having lots of empty housing units and lots of homeless Americans, but evidently that is someone's game plan. Sure seems like that anyhow.
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Old 12-28-2020, 03:47 PM
 
Location: Colorado Springs
6,070 posts, read 6,381,640 times
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Hedge funds can borrow at near zero rates. They can use leverage to buy properties with a low initial investment.

They buy up rental units, "redevelop" the properties and raise the rents. The newly established cash flows determine the value of the properties. e.g. borrow at 3%, redevelop the properties and raise the rents 10%, keep it for 2 years, sell, rinse repeat.

As for the renters, they are just pawns in the game.
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Old 12-28-2020, 08:00 PM
 
1,559 posts, read 2,718,089 times
Reputation: 2430
Quote:
Originally Posted by Sonic_Spork View Post

And I could accept that maybe it's just this town, OK, somebody wants Colorado Springs to be a rich man's town, nobody wants low income housing in their backyard. Let all those lowlife poor get on buses or hitch a ride out of here to some other city, one with tenements. Except...it's everywhere. Except the middle of nowhere, where there also are no jobs.
Supply and demand. High demand and low supply makes prices go up.
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