Apartments in Denver are in high-demand leaving many renters with few options. A recent article in the Denver Post details a study done by the Apartment Association of Metro Denver and the Colorado Division of Housing, stating that the apartment vacancy rate for metro Denver is at its lowest since 2000 and that rental rates increased by 4.3 over the past year to an all-time high of $1,022.
Several factors are contributing to the shortage of apartments in Denver. One factor is the lack of new apartment inventory that has been added to the Denver rental market in the last several years, as the economy was sluggish. The inventory of apartment units was at an all time low coming out of the economic recession. Now the that the job market is on the recovery in Denver there are a lot of new apartments being built. But the time to develop and build new apartments and bring them to market is a transitional time that can take 18 to 24 months. This “catch-up” time will be a transitional time where we could see a shortage of apartment inventory continue for a year or two.
Another factor causing tight vacancy is the influx of new workers taking advantage of the recovering job market within Denver. Metropolitan Denver is a very desirable area to live due to it’s quality of living including vibrant culture, recreational abundance, reasonable cost of living, trendy dining options, and exciting nightlife. Job seekers in their twenties and thirties are relocating to the Denver area in large numbers seeking better quality of life and fairly affordable living in comparison to major metro areas on the East coast and West coast.
Renters should be prepared to act quickly. The apartment shortage in Denver leaves many renters taking whatever apartment they can find but not always what they desire. The tight rental market means units come and go it a matter of days, even hours in some cases, making it challenge for renters to spend time doing research on rental properties. At Housing Helpers we are recommending that renters go to showings ready to put down a deposit on the place if they like it- if they hesitate chances are it will be rented before they know it.
Renters should seek whatever advantages they can to find properties, including the latest technology. For renters, it is so important to have the latest data on available properties so as soon as they come available you don’t miss out on any opportunity. Often when searching on line at sites like Craig’s list, the listings may not always be constantly updated. At Housing Helpers we have a great system in place for renters that are signed up with us to receive daily updates of new properties as soon as they hit the market that match the renters criteria, price range, and neighborhood preferences. Getting this data to the renters quickly helps them immensely in this competitive rental market.
Renters may consider alternatives to the metro Denver rental market which will give them more options to choose from. The greater Denver area including, Broomfield, Golden, Lakewood, Highlands Ranch, Parker, Aurora, Westminster, Thornton, can offer more rental opportunities then the metro area and offer access to local amenities as well a reasonable commuting proximity to downtown. They also tend to offer much more open space and access to many parks and recreational opportunities.
Housing Helpers is a full service Denver apartment finder and rental locating service that helps renters with finding an apartment rentals in Denver as well as condos and homes for rent. If you would like more information on rentals available in Metro Denver or any of the Front Range cities, please contact us.
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