Tuesday, May 16, 2017

Rents Are Skyrocketing in Colorado Springs!

Is it time for you to consider owning a home? I’ll go over some numbers that might influence that decision today.

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Rents have hit yet another high, which is no surprise as rents have been going up for a while. However, the shocker is that apartment costs have jumped 10.5% in the last three months! At this rate, we could see rent prices increase 40% this year. Is that likely? Who knows, but it’s something you definitely need to consider if you’re thinking about continuing to rent.

Why is this increase in rent prices happening? Many experts say it’s because there are many young people who just don’t want to buy, retirees who want low maintenance living, and many people who simply can’t qualify to purchase a home.

Consider the security and financial benefits in owning your own home.

Let’s talk about you. You should be considering the security in owning your own home and the financial benefits of doing so. The average cost of rent in Colorado Springs is about $1,100 and even though new apartment buildings are going up everywhere right now, the cost of renting has gone up every quarter for the past two years.

If you really enjoy the amenities of living in an apartment, you don’t want to have a mortgage, or you can’t qualify, then I understand continuing to rent. However, if you’re worried about what rent might cost you this time next year, give me a call. Let’s have a five minute conversation with one of our friendly, helpful mortgage lenders to see how much money you can save every month by buying your own home. We may even be able to help you get into a home for less than $1,000 down with a payment that is less than what you are paying for rent right now.

To find out if owning a home is the right move for you or if you have any other questions, give me a call or send me an email. I’d be more than happy to help.