Rent has increased to keep up with inflation, but they are also rising because there is a low vacancy rate here in the Grand Valley. Which means that with such a big demand for housing and little supply, land lords can get away with raising the rent.
It's the first of the month and for many renters around the Grand Valley, notices are being left about rent increases. According to a recent survey released by the Colorado Division of Housing, Grand Junction's housing market is not typical of the state, in fact rents are going down in other areas around the state.
The hard part for tenants is that as the rent goes up, the wages do not. For many Grand Valley renters, they have no choice but to cope. According to experts, a healthy market should have a 5% vacancy rate. Grand Junction is currently at a 2.7% rate. With the energy boom Mesa County is experiencing, this tight vacancy rate will remain.
