Editor’s Note: All opinion section content reflects the views of the individual author only and does not represent a stance taken by the Collegian or its editorial board.
Dear Collegian,
Ad
Median rent in Fort Collins, CO has increased by $224, or 26 percent, since 2010, according to data from the most recent United States American Community Survey by the Census Bureau. After analyzing the data, researchers from Rent College Pads zeroed in on 200 cities across the country that are home to universities. They found that the cost of rent increased at all but eight of them between 2010 and 2015.
Rent College Pads director of marketing, Jeremy Schmidt, points to several reasons for increases in rent.
“In addition to ever-present inflation, the law of supply and demand is a driving factor behind rent increases,” Schmidt said. “A lack of rental housing, increasing enrollment, dorm shortages, and slow off-campus housing development means more students searching and not enough vacancies.”
At some campuses, there are enough luxury apartments to house virtually every student who’s looking to live off-campus. At others, the situation is bleak. Using the results of the survey data, Rent College Pads researchers looked at the 20 campuses that have seen the biggest increases in rent over the past five years. Here are the findings for Fort Collins, CO:
- 2015 Rent: $1,077
- 2010 Rent: $853
- Change in Rent: $224
- Percent Change: 26%
“With median rents now nearing almost $1400, Fort Collins has seen the cost of rent skyrocket over the past seven years. Enrollment at Colorado State has grown by over 2,000 students since 2010, and with strict enforcement of the U+2 law, which prevents renters from living with more than two unrelated roommates, renters have dealt with a shortage of housing options that has resulted in a boom for landlords.”
Rent College Pads is an off-campus marketplace and search engine that helps college students find housing. Rent College Pads specifically caters to the needs of college students looking for housing, while helping to connect landlords to this large market.
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Phil Mills • May 4, 2017 at 2:29 pm
Nice advertisement.
“After analyzing the data, researchers from Rent College Pads zeroed in on 200 cities across the country that are home to universities. They found that the cost of rent increased at all but eight of them between 2010 and 2015.”
Really. Rent increased over a 5-year period. I’m shocked.
Also discovered in this study:
* water is wet
* fire is hot
* inflation happens
* supply and demand is a thing, now.
24% over 5 years… yeah, that feels like a lot. Let’s add some perspective on that, though:
(1) Tuition at CSU has increased ~58% from 2010 to 2016*.
(2) Median home prices in Fort Collins have increased ~40% from 2010 to 2015 **
Kind of makes the rent hike seem like small change in comparison.
* Source: https://wsnet.colostate.edu/cwis36/pdf/tuition/Tuition-Fees-2015-2016.pdf
** Source: https://www.coloproperty.com/colorado/market_info