Dropping vacancy rates may drive rent up

By  | 

GRAND JUNCTION, Colo. Comfortable with your rent? Decreasing vacancy rates in the Grand Valley may raise prices on residential renting.

Most budget counselors advise renters to allot no more than 30% of their monthly income for housing.

Vacancy rates in Mesa County saw a spike during the recession, but we've been making a quick comeback that may have renters paying upwards of 35% of their monthly income to rent property.

"Rents seemed to have remained, at least in the multi-family or apartment markets seemed to have remained fairly flat, but what we do know, is as vacancy rates continue to fall that's likely to put some upward pressure on rents," says Amy Case of the Grand Junction Housing Authority.

Despite help from subsidized rent programs, there are many people in the Grand Valley that are struggling to find affordable housing.

The 2013, Colorado Housing Division report states that the average rent for multi-family housing market is somewhere in the mid to high five hundreds.

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus