Denver is a great place to live. It has excellent infrastructure, a lot of schools and excellent shopping, sports and other recreational facilities. The employment rate in the city is increasing, so the job opportunities are many as well. You simply need to choose where you will live. There are a lot of homes in Denver for rent for all those who have just relocated and are unwilling to buy a house yet. It is worth looking at the market for rentals in the city and the metropolitan area to get an idea of what to expect as a renter.
Just like the real estate market, the market for rental properties in the city has been experiencing adjustment for the past year or so. The demand for homes for rent has increased due to many people having their houses foreclosed. The people who have lost their property are looking for houses to rent. The significant rise in employment for the past year, about 2.2% of the metropolitan area, has also boosted demand to an extent. This has resulted in a rise in prices of properties in Denver for rent.
Despite this, the increase is not very significant because the supply for rentals has also experienced an increase. Due to a large number of foreclosures, real estate investors have hurried to make great bargains, buying foreclosed properties and offering them on the rental market. The statistics show that approximately 35% of all foreclosed properties are leased soon after foreclosure. This has automatically pulled prices down a little bit. Overall, the cost of renting a home has increased a little bit, but it is projected to remain stable due to the reduction in the number of foreclosures in the area over the past few months.
According to the latest statistical data, homes in Denver for rent cost between $1,200 and $1,600 on average. This is quite affordable for a family with a median income. The difference between the average price of a two-bedroom apartment and a house with the same number of bedrooms is approximate $200, with the house costing around $1,100 a month, while such an apartment is leased for approximately $904 per month.
The gap is not particularly large which is beneficial since it gives renters a wider range of options to select from. An interesting point to note is that the difference remains similar for the different types of three-bedroom properties, but automatically jumps over two times when comparing four-bedroom apartments and houses.
Overall, it can be concluded that the conditions on the rental market in Denver are beneficial for renters at present and should be exploited to the fullest. The number of foreclosures is projected to fall while employment is likely to increase. In turn, the rental prices are expected to go up in the future with the stabilization of the housing market.