Feel like you had a better deal on your lease last year? That may very well be the case if you live and rent in the Denver metro area. Colorado real estate blogger, John Rebchook recently reported news of a high demand rental market in the Denver metro area on his blog Inside Real Estate News.
He reported with data collected by the Apartment Association of Metro Denver and the Colorado Division of Housing.
The average rent increased in all county areas, with Denver county and the Boulder/Broomfield area showing year-over-year increases of 75 dollars and 87 dollars respectively.
Average rents by counties were:
Vacancy rates by county were:
Adams, 4.9 percent.
Arapahoe, 5.5 percent.
Boulder/Broomfield, 3.6 percent.
Denver, 4.8 percent.
Douglas, 3.9 percent
Jefferson, 4.0 percent.
These trends in the rental market continue what has been seen over the past several years. Many people who had to foreclose or short sale on their home are limited to the rental market for years. Many recent college graduates along with those who are not confident in their jobs also choose to rent rather than buy. Plans and building is underway for new apartment developments around the Denver metro area but even after completion they are not expected to make a significant addition to the rental market to meet the demand to decrease prices.
If you are a homeowner or investor and are looking to lease out your home, please contact 8z Rentals. We would be glad to answer your questions about leasing your property in this market, and our marketing and management services to make your job easier.
Toll Free: (888) 613-8832