According to a survey conducted by the National Multifamily Housing council, Metro Denver apartment tenants are paying more in monthly rent compared to 2013. The survey shows that although the rent has risen, renters are earning a higher average income and 88% of the population is expected to own their own home.
Denver residential property management stated that Denver is now one of the hottest real estate markets in the country. Developers are building more apartments to keep up with the demand. Since the apartments are new and have a lot of amenities, it is expected that the rent will be higher compared to that of 2013.
According to a separate rent survey conducted by Apartment List, apartments in Colorado cooled off slightly in November compared to October. A two bedroom unit has an average cost of $1,320 per month.
The NMHC survey shows that Denver has become a favorite among millennials, 52% of the renters in 2015 are 34 years old and younger. In 2013, the millennial renters was only 45%. The survey further shows that millennial renters favor fireplaces as a desired amenity and are more likely to own a pet. Millenial renters also favored apartments that are within walking distance of a bar, café or a restaurant.