Higher building costs, a shrinking supply of low-cost rental units and more people with higher incomes choosing to rent rather than buy are driving the increase in higher-priced rentals and corresponding decline in low-cost units.

Colorado voters passed Prop 123, which will allow 0.1% of the state income tax rate to go toward a number of grants and programs to increase affordable housing, assist unhoused people or prevent eviction, and provide rental assistance, among other provisions.