I will be honest with you, the Denver real estate market is a hard market to get into for homebuyers right now. With record low inventory, and the spring season among us when some homes have up to 60-showings a day, many buyers think it is just too daunting of a project to look for a home with so much competition and so little stock. Because of this, Denver ranks 128th of 400 largest cities in the United States with renters leasing 38.8% of the city. According to the study, done by the online rental marketplace Abodo, among the 38.8% of people renting in Denver-Aurora:
· 9.12 percent are between ages 15-24.
· 31.66 are between ages 25-34.
· 21.35 percent are between ages 35-44.
· 15.07 percent are between ages 45-54.
· 11.59 percent are between ages 55-64.
· 11.22 percent are ages 65 and older.
You might look at these numbers and assume that this means a large majority of renters are people without families but the number of renters who have families versus the number of renters without is almost even, with 46.91% having families and 53.09% being non-family. On the other side, families own 72.52% of homes in Denver while 27.48% of owners are non-families.
With the amount of people moving to Denver daily, it isn’t surprising that this city has the number of renters it does and that there are countless apartments going up around the city. It feels like every time I drive downtown there is another new apartment complex being built. But, as many renters who come to me notice, just because there are lots of new buildings it does not mean rent prices are going down, it is quite the opposite. Rent prices continue to rise in Denver and for many people, paying all that money with no return just does not sit well with them.
Renters, you still have an opportunity to get into the housing market now, even with the competitive nature of this market. If I could recommend anything it would be two things: don’t wait longer to get into the market. Our market is never going to slow down, at least not anytime soon. Better to get in now and start putting your money towards your own home then a rental spot. And second, find yourself a good real estate agent to help make the buying process go smoothly from start to finish. Many buyers are out there without representation and let me tell you, there are real estate agents for a reason. We are trained to help with the negotiations; the contracts and helping you make the transition, so let us do that for you! Find someone you feel confortable with and enlist them to help you get into this Denver real estate market.