Denver Rental Market

Denver Real Estate News Recap: August 2021

Here’s a quick digest of what happened in Denver real estate last month:

+ Downtown Denver has been starving for new condos over the last decade. Its hunger pains will begin to subside when the the largest condo project since 2009 breaks ground soon at 18th & Glenarm.

+ Median home prices fell for a second month in August. Buyers, don’t be relieved yet — inventory is tightening again, as active listings fell 11.7% between July and August.

+ Relief for Denver renters has dissipated in the Denver metro area. Front Range rents increased 14.4% year-over-year in August and are up 12.8% since March 2020.

+ A San Francisco-based developer has purchased an entire block of RiNo for $27.5M. Plans are still in the early stages, but may include a 500-unit apartment project, stretching 12-stories.

 


 

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Denver Real Estate News Recap: October 2020

Here’s a quick digest of what happened in Denver real estate last month:

+ Four Colorado cities are in the top five best places to live in the country according to U.S. News & World Report’s list of 150 best places to live in the U.S. in 2020-21.

+ Homes are selling nearly twice as fast compared to 2019. If you’re looking to buy now, be ready to act quickly!

+ Apartment rents in the Denver Metro area recovered in the third quarter after taking a hit in the early months of the pandemic.

+ Denver Restaurant Week is offering a surprise fall edition from November 13-22. Check out their lineup of dine-in and to-go options to help support one of the 150+ local restaurants participating.

+ Niche.com ranked the 25 best Denver neighborhoods for young professionals in 2020. They ranked the best neighborhoods for families, too.

+ Join us in supporting those affected by wildfires in Colorado by giving to these fundraisers.

 

 

Have questions about what’s happening in real estate in your neighborhood? Let’s chat!

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Some Much Needed Relief for Denver Renters

Some good news for Denver renters — the rental market appears to be cooling down a little bit! As we head into our peak rental season expect rental rates to remain close to the same or increase ever so slightly. The exception to this will be sought after, hot neighborhoods where people are willing to pay a premium for high walkability.

Denver, Colorado Rental Rates Q1 2018

Denver two year look back for median rental rates.

The first quarter started out relatively flat compared to the sharp increase seen at the beginning of 2017. New apartments have steadily been hitting the Denver market, helping to slow the rent increases we’ve been accustomed to. As we get into prime leasing season (May – August) we would expect to see a very slight increase for three and four bedroom units, since new units of this size aren’t being built as frequently as their smaller counterparts. One and two bedroom rent will likely remain flat and could even show a small drop due to the new inventory hitting the market each month.

Denver Median Rental Rates by Bedroom Q1 2018

Median Denver Metro Area Rents ($)

As we look at median rental rates around the metro area, one neighborhood that sticks out is Union Station (LoDo). Why? The 1 year change was -0.9%, mainly due to the increased competition from new rental units hitting the market. The 5-year change was only 1.7% — proof that added density and inventory is what Denver needs to curb rising rents.

View map in larger screen here.

Note: Think of this map as a 30,000 feet view of the rental prices in Denver. You can click on each neighborhood for exact numbers and year-over-year statistics.
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2017 Denver Rental Market Recap

Denver, Colorado Rental Rates 2017

 

2017 ended with a significant increase in rental prices. Rents were up compared to 2016, but the increases are modest compared to the 49% increase from five years ago! The majority of rent growth for 2017 happened in the second half of the year. Are we in for another year of increases or will things stabilize with more inventory hitting the market in the first and second quarter of 2018? Stay tuned…

Median Denver Metro Area Rents ($)

People keep saying rent is expensive in Denver. We have a map to prove it. When you dig into it, median rents are above $1,500 in all but one neighborhood for the fourth quarter. The hot spots shouldn’t be surprising with the exception of Greenwood Village. Denver Tech center living is getting more attractive as well as pricey!

View map in larger screen here. (more…)

Denver’s Most Expensive Neighborhood for Renters is a Culture Capital

Source: Denver Business Journal

Golden Triangle - Civic Center Neighborhood, Denver Colorado | Love Your Hood®

Denver real estate has thrown us an interesting curve ball and we love where it’s taking us. Golden Triangle, one of Denver’s oldest neighborhoods, is the most expensive area to rent (we’re talking median rent of $2,100 for a one bedroom!). The art scene, local restaurants and bars, and all of the happening festivities draw people into this culturally rich, upscale neighborhood. But wait for it….

It may be ridiculously pricey to rent in Golden Triangle, but it’s not ridiculously pricey if you want to buy, with properties for sale starting at $219k.* Which means you can buy in this hood and have a mortgage that is less than the median rent. We’ll take it!

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*at the time this article was written.

Denver one of nation’s hardest cities to add apartments

Source: We Are Apartments

Denver one of nation’s hardest cities to add apartments

Denver placed 9th out of 50 metro cities for hardest places to add apartments. Denver’s biggest barriers to growth are the lack of additional land to develop within the county and city regulations. Factor in expensive land and high construction costs and it’s no wonder that affordable housing is becoming more and more difficult to find. Read the full report or:

Read the Overview

Denver Rent Increases Wipe Out Last Fall’s Decrease

Source: Aldo Svaldi at The Denver Post

Denver Rental Market Price Increases

Metro Denver apartment rents rose for the third straight month in March, erasing all the declines that went in favor of tenants last fall, according to a report Tuesday from Axiometrics, a Dallas firm that tracks multi-family housing trends.

Metro Denver’s average effective apartment rent stood at $1,411 in March, up $22 from February and $51 higher than the recent low of $1,360 measured in December, according to Axiometrics.

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