Tight, Costly Rental Market Squeezing Out Some Tenants
DENVER (CBS4) - Debra Ligeros has to find a new home, thanks to a pricier rental market.
After renting her Arvada apartment for more than a year, her landlord is ending her month-to-month lease because another tenant is willing to pay more.
“It’s a sad situation, and I’m not alone,” Ligeros told CBS4. “Either I find a place or … I’ll be homeless again.”
Rent has increased 8 percent since last year, the Colorado Division of Housing says. The record average is now more than $1,000 a month, leaving some struggling to find affordable housing.
Ligeros said she doesn’t blame her landlord; rather, she says she’s the victim of a tightening market. Job growth and housing demand has outpaced construction across Colorado.
Her friend, James Masterson, relies on housing vouchers to pay rent. He says he has few options.
“I might have to move out of state,” the Arvada resident said. “I’ve thought about doing that — to where the housing market or the cost of living is a little cheaper.”