Yet another study has shown Coloradans pay sky-high rents that have spiked sharply in the past three years.
A study by MovingFeedback, a moving company, shows that Colorado rents have ballooned the most in the U.S. “Colorado has been named the most expensive U.S. state for renters in its major metropolitan areas,” according to a news release from Moving Feedback. “The state has seen the biggest increase in rent prices over the past three years of 54%. In the first three months of 2020, the average rent price in Metropolitan Statistical Areas in the state was $2,439.56, compared to an average of $3,757.93 across January, February, and March in 2023. This is a 4.5 times larger increase than the state with the smallest increase, West Virginia.”
MovingFeedback analyzed data from Zillow.com to arrive at their conclusions. Nearby Montana had the third-highest rent increases over a three-year period, according to the study. In the first three months of 2020, rent prices were $906.45, according to the study. The state has seen a $396.17 increase in price, to an average of $1,302.62 between January and March 2023, the study reports.
Massive gaps in rent nationwide
In a statement, Moving Feedback said the data shows huge gaps in rent prices from one state to the next. “Rent demand is strong in the US with rising homeownership costs. It is estimated that there is a shortage of 7.3 million affordable rental homes for those with low incomes. This paired with rising inflation means that rent prices have continued to soar.”
“This data reveals huge disparities in pricing across the US with cities in Colorado and Florida seeing rent increase by around 50%, compared to states like West Virginia and Iowa, which have seen average increases below 15% over the past three years. The Enterprise group has found that nearly 11 million households spend more than 50% of their income on rent.”