The metro Denver area has experienced a dramatic rise in the cost of rent. During 2017’s second quarter the metro area reported average monthly rent to be $1,419. This represents a 3.5 percent increase compared to the second quarter last year, when the cost of monthly rent on average was $1,370.
The increase of rent during the last year was not as high as the increase between second quarter 2015 and second quarter 2016, when the increase was 8.3 percent. Nevertheless, this rise is still significant and real estate investors should take note as it indicates a market that is continuing to sustain substantial profit and growth.
The Apartment Association of Metro Denver published the report that featured these figures. The real estate construction scholar from Daniels College of Business who penned the report commented on the figures by saying that, “The rent growth trend for this market cycle continues to amaze some, but exemplifies the strength and magnet of the Denver market for relocation and job growth.”
With a 2.3 percent unemployment rate, Colorado boasts the lowest unemployment figures in the United States and the city of Denver’s unemployment is also low, at 2.4 percent. When people are working in the metro area, they also require an apartment to live in.
If you’re in the business of investing in real estate rentals in metro Denver, it’s probably a good time to be doing so. An experienced real estate lawyer can help you understand all the legal implications of a real estate purchase and sale, and a lawyer can also assist you in navigating any real estate transaction with ease.
Source: 9news.com, “Rising rents in metro Denver? Here’s how high they are now,” July 18, 2017