Beat the heat with these hot tips to avoid high prices
Summer is heating up, and you’d have to live in a bubble not to hear that the Denver rental market is also hot. But exactly how hot is it, and what can we expect in the coming months? The Vita Locators team looked at a variety of metrics including trending data from Zillow, Market Insights, Craigslist and our own property database to determine just where we are.
National Rental Market Averages
On average, rents in the U.S. remained flat or nearly flat for 1-4 bedrooms toward thebeginning of the year. However, when comparing 2017 to 2016, rents saw an average increase of .7% for rentals across the board.
Denver Rent Market Trends
In comparison, the Denver market for rentals rose .8% to an average of$1,976 per month according to Zillow. While that may seem like great news (and it is!),this average doesn’t tell the whole story.
The top neighborhoods in Denver, according to Zillow, actually had as high as a 10% increase year over year but were even outed by neighborhoods which actually fell in price due to growing inventory.
So as we’ve been seeing for the past year, the market continues to correct itself from the double digit increases we saw in 2013-2015, but we still have a ways to go to for full relief.
A lot of our clients right now are looking for 1 bedrooms, want to lock in 12 month leases, and prefer to be in walk-able, urban neighborhoods (Ballpark,Capitol Hill, LoHi, among others). These are the areas where there is demand, but also where the city is investing in communities.
That means that there are possible deals to be found, if you’re timing is right. So if youve been waiting to rent or lease your apartment, now is the time!