From Denver’s city center to the suburbs, finding an affordable rental home in the metro area is proving to be more difficult and expensive.
Low unemployment and job growth from out-of-state is causing inventory of rental property to shrink, according to University of Denver real estate expert Ron Throupe.
“Denver in particular has a lot of Millenials, which would be an age group of 25-35-year-olds let’s say, and that group has delayed marriage and are not buying a home,” said Throupe.
He adds that compared to the same time last year, rentals are about $100 more this year.
New residents are noticing the change.
Brett Thomas moved to Denver from Oklahoma City and had to wait for a rental that satisfied his locational needs and price point.
“There’s plenty of places out there — it’s how much are you willing to pay?” said Thomas.