Whether you are looking to rent or currently renting, you may be suprised at hte price to rent in Colorado. The cost of renting is going up all over Colorado- causing some renters to downgrade, others to fork over more money for their housing, and still others to look closer at the question of “Renting Versus Buying.”
Rent in the Denver Metro Area is at its peak in over a decade. In fact, it rose about 7% last year alone.
Why is the price to rent increasing in Colorado?
There are many reasons that we are seeing an increase in rent in Colorado. Prices are going up because demand is up and vacancies are down.
Increased Demand for Rentals and Fewer Vacancies
Young professionals that are looking for work do not want to commit to buying a place in case they get a better job some and need to move. We are also seeing an influx of people moving from the East and the West coast where the cost of living is considerably higher.
Closer look at Rent vs. Buy
Many people that have previously renting are now reevaluating the question of whether or not they would like to own. When faced with the option of having to pay more money for less space, in less desirable apartments or rental houses, ownership is becoming a more attractive option for those who would not have considered it before.
Good Time To Own a Rental
For investors, this may be a great time to consider purchasing a rental property. Rental prices are expected to continue to climb, with far more units in demand than are available.
Find the Right Rental
Take your time to find the right rental. If you are a seeking a small apartment down town, this is the highest in demand area right now. If possible, you may want to consider finding a roommate so that you could move into larger apartments that are slightly less in demand right now.