Real estate broker Travis Ackerman takes a closer look at the rising cost of rent in the bustling northern Colorado city of Fort Collins.
Now with among the highest average rent prices in all of Colorado, the cost of renting a residential property in the Fort Collins-Loveland metro area has never been higher. That’s according to Travis Ackerman, a leading North Colorado real estate broker, as he considers a recently published survey sponsored by the Colorado Division of Housing.
Sponsored by the Colorado Division of Housing, a recent report, chiefly focused on multifamily housing vacancy in the region, puts the average rent per square foot price in Fort Collins and Loveland at almost $1.60.
“The recently revealed housing vacancy and rental survey sponsored by the Colorado Division of Housing puts rent per square foot in the Fort Collins-Loveland metropolitan area at $1.56,” reveals Ackerman, a leading figure in the sale and lease of land and industrial, retail, and office space in Fort Collins and across North Colorado.
According to the report, Fort Collins’ overall median rent now stands at $1,334. The statewide report focused on metropolitan areas including Fort Collins-Loveland, Colorado Springs, Grand Junction, Pueblo, and Greeley, as well as several other smaller markets. Denver, however, was excluded from the survey, Ackerman points out.
Despite the recent completion of hundreds of new apartments in the Fort Collins-Loveland metro area, the rental market, he says, remains decidedly unbalanced. “Even with an abundance of new inventory, while the city’s population continues to grow at an almost unprecedented rate, new residential properties have done little to minimize rising rent prices as vacancy remains at an all-time low,” Ackerman explains.
Hundreds of further units are, however, still in the city’s planning pipeline. “As demand and supply begin to level out, it’s likely that the cost of rent in Fort Collins will become more palatable, although this may take some time,” adds Ackerman.
There is some good news, however, right now for the area’s prospective homebuyers, according to the real estate expert.
“Despite remaining in a sellers’ market, a recent slight dip in median home sales prices in Fort Collins means that now may be a good time to buy,” he adds, wrapping up.
Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate specializing in the sale and lease of land and industrial, retail, and office space in North Colorado. Since 2007, Colorado State University graduate Ackerman has been involved in a total of more than 500 transactions worth in excess of $350 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor and Colorado native Travis Ackerman is now recognized as one of the top commercial brokers in the region.