Why The Rise
The short answer is inflation. With supply chain issues everywhere, and costs for all consumables rising, consumers are unwilling or unable to spend money on purchasing a house, therefore rental inventory is at an all-time low. Another reason is the popularity Denver has gained as a “high-turnover” metro area- like San Francisco, Austin, and Nashville. Meaning these cities receive a high volume of inbound as well as outbound apartment searches for people coming and going, as a way to try out a popular city to live in. Higher rents are pushing current residents to look at more affordable options outside of the Denver metro area, but the area remains popular with newcomers, who on average have a budget that is 8% higher than that of current residents.The Good News
There are many reasons why renting a property is a preferred choice.- You have more privacy than what an apartment offers
- You don't have the maintenance cost of ownership.
- You’re not paying property insurance or property taxes on a yearly basis.
- You have the flexibility to leave at the end of your lease.