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Rent Growth in Fort Collins Exceptionally High

Rent Growth in Fort Collins Exceptionally High

The fourth most populous city in Colorado is logging peak apartment rent growth. Effective asking rents in Fort Collins accelerated by 15.5% in the year-ending October 2021. While this certainly was not the first time rent growth in Fort Collins accelerated into double-digit territory, this latest performance was a record high not seen since RealPage began tracking the market in the late 2000s. Rent growth in Fort Collins is now a long way from the recent low point, when operators cut rents by 3.1% in the year-ending November 2020. Like many markets around the nation, a confluence of factors accelerated post-pandemic performance in the Colorado college town. Strong demand fueled occupancy performance in the small market, leading to an October rate of 96.9%, up 280 basis points in the past year. Occupancy in Fort Collins has hovered around 97% for the last five months and is expected to remain essentially full over the next two years with occupancy around 95% to 96%.