Nearly 1,300 new apartments were added to the metro Denver rental inventory during the second quarter, but rents still edged up and vacancy rates declined according to a recent article from the Denver Post about the incredible rental market in Denver, click here. This says a lot for how strong the rental market in Denver is when you add 1,300 apartments and vacancy rates declined while rental rates rose.
When driving around town, especially Downtown, it is hard to believe there is enough demand to keep up with all the apartments that are being built. This article makes some really interest points though to show that even with everything being built, it won't be enough to keep up with the growing demand for years to come. "The state of Colorado believes that we will create seven jobs every hour in 2014," Apartment Realty Advisors principal Jeff Hawkssaid in a statement. "Five Colorado residents turn 20 years old every hour, but we are only delivering one new apartment unit per hour." And that accounts for just Colorado residents, not the thousands who are moving to Denver every year.
So unfortunately for all those looking for a place to rent, it isn't going to make things any easier and just another reason why buying a home in Denver makes so much sense right now. It is actually much cheaper to own a home than to rent in Denver. Interest rates are in the 4% range and prices are still competitive compared to other similar sized cities. And as all these people now renting decide they want to own their own home, demand for homes will continue to rise making investing in Real Estate in Denver a great strategy. If you are tired of renting, tired of getting a notice that your rent is rising every six months, or simply can't find a place to rent, give us a call and let's talk about what your options for buying might be. There is a very good chance you will be pleasantly surpried.
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