Rental rates stay high in Durango, although slower to rent
Recently report by The Durango Herald, the City of Durango has permitted 207 homes on average each year from 2017 through this year, but despite the new construction, rental prices have not come down. A study earlier this year found the cost of renting two-bedroom homes in Durango rose 20% in four years to $1,400 per month, according to Region 9 Economic Development District of Southwest Colorado.
The new affordable housing complexes include 36 apartments near 32nd Street (phase 2 of Lumien Apartments), 53 units of senior housing under construction in Three Springs and a 40-unit complex planned for Durango’s west side to serve the community’s poorest residents. Many new multifamily complexes going up in town are non-subsidized projects, such as Rocket Pointe, a complex of about 190 apartments between Walmart and The Home Depot, and those units slowed the rental market a bit even though rents have not come down, landlords said.