Anyone who leased or shopped for a rental apartment in downtown Denver this past year surely faced some sticker shock! Rental prices reached all-time highs, most notably seen with condos and new-construction luxury multi-family properties offering the “convenience lifestyle.” Looking back at the rental market headlines of 2014, we can attribute the success of Denver’s pricey rentals to the growing and healthy economy, continued shortage of rental housing and the strong desire for more people to relocate downtown.
Here are some headlines that influenced the Denver rental market in 2014:
Downtown Denver Residential Boom (January 2014 Residential Project Map)
5,000 New Apartments come on to the market in 2014
Denver’s Hottest Neighborhoods to Live In
Condo defects law spurs Denver-area apartment development
So Long Suburbs, Hello Big City
The completion of Denver’s Union Station
Young Denver Renters Have Big Appetite for Tiny Apartments
Metro Denver en route to becoming one of the nation’s most walkable regions
Denver ranks #1 in nation for employment opportunities
Denver ranks 4th for likely commercial real estate investment in 2015
Colorad0 – 7th most energy-efficient state
Denver apartment vacancy drops below 4%
And finally…
Renters need to make $35/hour to afford housing in metro Denver
Think you’re alone? I’m a victim of my own success – my rent is also increasing in 2015! Sure it’s expensive, but it’s all relative. Life is good in Denver, CO! If you’re looking for a great rental home in downtown Denver, I can certainly make your search easier – you just have to call me 🙂
Cheers to a happy, healthy and successful 2015!
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