Forrest Noble, President of 8z Rentals said “rent costs are definitely on the rise for the consumer in Colorado’s well populated front range region. Not only have vacancy rates remained low since 2006, many tenants who would be qualified home-buyers remain in the rental market.” Noble explains that many home buyers are choosing not to purchase, due to conditions like tough loan qualifications, high interest rates, and job mobility.
Located in the front range communities of Colorado, the property managers at 8z Rentals, have seen rental costs on the rise throughout the six counties that they serve. These counties vary from primarily suburban like Jefferson, Arapahoe and Broomfield counties, to the more urban Denver county, to the historically high rent Boulder county. And stats from Colorado’s Division of Housing back up Noble’s team’s observations. On February 10th 2014, Ryan McMaken, from the Colorado Division of Housing, reported that, “during the fourth quarter of 2013, the average rent in metro Denver rose to $1,041, increasing 6.4%, or $63, from 2012’s fourth-quarter average rent of $978” (Source).
If rising rent costs are affecting a tenant’s budget, Noble and his team recommend tenants adjust their search parameters.
-Explore other areas. While rent prices are on the rise across the board, some neighborhoods or cities typically have lower rent. Compromising for a longer commute may also allow you to get more square footage, or a newer property at the same or lower price. Moving further may mean a longer commute, but it if you’re okay with that, it could also save you money.
-Re-evaluate your housing needs. If your rent has gone up on the two bedroom condo, or the single-family home you’re leasing, you may want to re-evaluate the amount of space you need. If you don’t utilize all the space in the property you’re renting, downsizing could save you money on your rent.
-Ask if a longer term lease is available. If you’re pretty certain you’re going to be sticking around an area for the foreseeable future, ask the property manager or landlord if a longer term lease might be available for a lower rate. As leasing expenses or periods of vacancy affect a landlord’s bottom line, it may be advantageous to them, and you.
-Try negotiating some of the utilities into the lease, such as water or trash, or even gas and electric. Try offering to do the yard work or snow removal in turn for your landlord to pay a utility bill. Be flexible and see what the landlord may be willing to compromise with you on.
Looking for a place to rent? We have rental listings throughout the Denver metro area, from Highlands Ranch through Longmont.