Rental Housing Offer Choices, Convenience and Flexibility

Apartments and rental properties offer choices, convenience and flexibility for people who choose to live in Colorado

For many people looking to live in Colorado, apartments and rental properties offer an enticing combination of choice, convenience and flexibility. As homeownership comes with large financial responsibilities like downpayments, mortgages, property taxes and costly maintenance issues, renting offers a practical and financial solution in the short- and medium-term.

Rental Housing provides a short- and medium-term solution

One of the biggest challenges potential homeowners face today is the steep cost of purchasing a home. Mortgage rates remain at historically high levels, making monthly payments significantly more expensive than they were just a few years ago. Renting, on the other hand, offers a more budget-friendly alternative as monthly payments are often lower than mortgage payments and without additional costs such as homeowners’ insurance, property taxes and maintenance expenses. This loosens up funds that renters can use for entertainment, investment and travel.

Rent costs in Colorado have remained relatively stable over the past three years

Unlike the continually high interest rates homeowners face, rental rates in Colorado have remained relatively stable over the past three years. This consistency helps renters plan a stable budget and use their money most efficiently. With more reliable rental costs, renting provides financial stability that homeownership may not offer in the current fluctuating market.

Renters are free from costly concerns

One of the unavoidable costs of homeownership is the cost of maintenance and repairs. Homeowners are responsible to fix everything from leaky roofs to replacing damaged or aging HVAC systems – expenses that can easily add up to thousands of dollars. Renters, however, have the luxury of having these issues handled by landlords or property managers. Eliminating the need to budget for these costly – and often unpredicted – concerns leave renters in a more financially reliable living situation.

Downpayments for a home can be unattainable

Buying a home requires a substantial downpayment, which is a hefty financial challenge for many families. For some, it can take years to save up for a sizeable downpayment. While families save, it’s important to have somewhere nice to live. Apartments and rental properties provide families with the opportunity to have a home without the financial burden of juggling an existing mortgage while saving for a downpayment on a new home.

The Future of Colorado

While rental housing providers continue to provide convenient and flexible housing alternatives for Coloradans, they are being targeted by politicians who seek short-term headlines instead of long-term growth in the state’s housing supply. Therefore, it is critical for providers, the middle class and working families who will ultimately raise their concerns to their elected officials.

You can make a difference by contacting your local state senator and representative and let them know that you want them to focus on policies that increase the supply of rental housing, incentivize investment in our state and support the hundreds of thousands of jobs that are currently being threatened by excessive policies.

Click here to see who your elected representatives in the Colorado General Assembly are and how to contact them. It’s important for your voice to be heard.