Why Is Rent Up Again in Denver
Denver rents continue to skyrocket, mirroring those of pricey Due east Coast cities
Evictions remain low, fifty-fifty after the nationwide moratorium ban was lifted.
A one-bedroom apartment insde the Country Club Towers, Aug. 16, 2017.
Kevin J. Beaty/DenveriteRent prices have shot upwards in Denver and in well-nigh of the country.
That's according to October's National Rent Report from Zumper, the 3rd largest online rental platform in the U.South.
Since pandemic closures swept the nation in March 2020, Denver'south median one-bedroom rent has risen 11.8 per centum, and 2-bedrooms grew 14.3 percentage. In 2021, those rates have climbed 20.7 percent — making Denver the sixteenth priciest rental marketplace in the U.S.
Median Denver hire for a one-bedroom is $1,690, and $2,190 for a two-bedroom. In the metro expanse, Denver leads in rising rents for single bedrooms, while Littleton's ii-chamber rents lead the area in hikes.
Times are tough for renters looking for a new place, and landlords are in a skilful position to go on raising rates considering there aren't that many bachelor apartments.
The city has a vacancy rate of just 3.8 percent, according to the University of Denver Daniels School of Business's recently released tertiary-quarter Denver Metro Apartment Vacancy and Hire Report.
Low vacancy rates mean harder times for people looking to discover a new dwelling, and it means landlords can accuse more than.
Cold comfort: Denver's non solitary.
"This hire increase phenomenon is not a local status," noted study author Ron Throupe, in a argument. "Other metropolitan areas are also experiencing similar apartment market conditions."
Through the pandemic, landlords have had help from the Country of Colorado — likewise much, according to the state's watchdog.
With the city'due south low vacancy rates, residential landlords, who received significant pandemic relief money through Colorado's Belongings Owner Preservation Program, take been toasting gains, as longtime residents scramble to pay the bills and less affluent newcomers wonder how and where they'll live.
Some of that pandemic relief money may take been seriously overpaid past the state, co-ordinate to a new report from the Colorado Office of the State Auditor, which explained: "Based on the results of our piece of work, we estimate with 90 percent confidence that of the $47.thirteen meg paid through the POP program from July 2020 through March 2021, the Division paid at least $625,000, but non more than $4.40 million, in error."
Kevin Breidenbach and Luke Wierman post signs to tents as the Denver Democratic Socialists of America protest hire and evictions as the economy continues to struggle under the pandemic. July ane, 2020. (Kevin J. Beaty/Denverite)
Evictions are withal downwards — even though renters have fewer protections.
Statewide eviction rates, according to the Colorado Apartment Association, have remained lower than they were before the pandemic — even afterwards the national eviction moratorium was lifted in September.
"Rent payments have remained potent and steady, and eviction lawsuits have been abnormally low throughout the pandemic," explained Drew Hamrick, general counsel and senior vice president of regime diplomacy at the Colorado Apartment Association, in a statement. "The expiration of the eviction moratorium allowed our housing markets to render to normal, and that return hasn't brought a surge in eviction filings."
Denver's more similar a hot East Declension market than other Mount West cities.
Big cities throughout the Mount West, including Boise, Salt Lake City and Phoenix, have followed the national trends with quickly ascension prices, while Denver, which saw a huge dip in prices at the beginning of the pandemic, is at present breaking records with all-fourth dimension highs, according to the Zumper report.
While other Mountain Due west towns have seen growth, Denver's rental hikes mirror even pricier coastal markets.
On the West Coast, rents were largely stable during 2021, but over the past few months, those have begun to ascension, too — everywhere except in the Bay Area, where in San Francisco they have dropped by 20 percent and in Oakland have dropped by just over 15 per centum since March 2020.
Ane-chamber rent prices are highest in New York City, where they're $iii,100, followed by San Francisco at $2,800 and Boston at $ii,530.
Of the top hundred cities tracked in the report, Wichita, Kansas, apartments trail the others with $630 median price for a one-bedroom, though even that market place has experienced a 5 percent ascension.
Source: https://denverite.com/2021/10/26/denver-rents-continue-to-skyrocket-mirroring-those-of-pricey-east-coast-cities/
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