Inglewood council members question rental data accuracy amid rising housing costs

Englewood City Council members are calling for a closer examination of rental prices and housing availability in the city following a recent meeting on December 16, 2024. Concerns were raised about the accuracy of rental data provided by CoStar, a national real estate information service, with council members noting discrepancies between reported prices and actual market conditions.

Member Prank highlighted the challenges faced by residents, particularly young adults seeking affordable housing, stating that available listings often exceed $1,400, contrary to CoStar's data. This sentiment was echoed by Member Ray, who reported that two-bedroom apartments are now renting for upwards of $4,000 in some areas of Englewood. Both members emphasized the need for more localized data to better reflect the current housing market.

The council also discussed the importance of integrating strong equity statements into the city’s development plans. Member Prank urged for a focus on revitalizing downtown areas to attract a diverse population, addressing societal polarization, and ensuring that developments cater to all ages and abilities.

In response to the discussions, City Manager Lewis acknowledged the limitations of relying solely on national data and suggested that the city could benefit from local market analysis. He noted that many older apartments are priced significantly lower than newer constructions, which skews the overall perception of rental costs.

The council plans to hold an open house on January 22, 2025, to further engage with the community on these issues and gather more input on housing concerns. As Englewood continues to grow, the council's commitment to addressing housing affordability and equity remains a priority, with further discussions expected in the new year.