You may have noticed all of the apartments being built around Denver. With the warm weather comes more construction and it appears these days that many of those new construction products are apartments and some new condominiums. There have been countless reports that Denver is creeping up on having some of the priciest rental numbers in the country (we are still far behind say New York or San Diego) but as more of these complexes are being built, many people are wondering if the prices will still stay high with all the new inventory? The truth is, while many of these new apartments will not be full in the first year, it’s predicted that in the next couple of years these places will continue to fill up. Many new complexes offer great move-in deals for renters like first month free of rent, pet fee waived or an extra parking spot. They also might have lower prices to start off with but as they fill up, the prices of rent will also rise up.
Currently, according to RentCafe, the average rental rates in Denver are as follows:
· Average rent - $1,509
· Average rent size – 884 sq feet
· Most expensive neighborhood to rent – Congress Park
· Least expensive neighborhood to rent – City Park West
· Most affordable neighborhoods: Barnum, Mar Lee, Westwood
Many renters will tell you they pay well above $1,509 for their unit and that all has to do with location and size of the unit. The further away from the city you live, the more space you are able to obtain for less rent. It’s the same for my rental clients who are looking to buy, for more bang for their buck, they head out towards the burbs.
Many renters also look into renting townhomes and houses that are owned by a landlord instead of a property management group. Many renters want to know what the differences are between the two when weighing their options. Here are a few basic differences I tell my clients about when they are considering one or the other:
· A landlord may not be available to you 24/7. Property management groups usually have a 24/hour phone line to call for instance if you get locked out of your apartment at 1am. But a landlord who only has a few properties may provide faster and more personal service then you would get from a large corporation.
· Some landlords may not be willing to shell out the money for more expensive repairs while a property management group has the funds and the responsibility to make those repairs.
· Property management groups have fairly strict rules to follow on what is allowed in the unit and move-in and move-out day. While an individual landlord might be a little more lenient on the rules, they could also be more intrusive.
I always tell people to do their research on apartment complexes before they move in, read the reviews, and even chat with people who live there to get a better idea. For those of you ready to get out of the renting, give me a call today and let’s chat about how we can get you prepared to buy a home!