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Metro Denver Renters Fork Out 474M More In 2014
Dated: January 7 2015
The uptick in rental prices in metro Denver is reflected in a Zillow report released Tuesday that found renters forked out $474 million more in 2014 for leases.
Seattle-based Zillow (Nasdaq: Z) is a real estate listing and analysis firm.
Renters in the the Mile High and surrounding cities paid $4.9 billion in rent, up from $4.5 billion in 2013, a 10.8 percent increase.
On average, the report found that renters paid $86 more per month in 2014 than the year before — a total of $1,032 extra per year. The report also found that an estimated 7,000 renters entered the Denver market this year.
Nationally, Americans paid $441 billion in rent in 2014 compared to $420 billion in 2013, a 4.9 percent increase.
Denver's rental hikes were among the top three markets in the 50 analyzed, joined by San Francisco and Pittsburgh.
"Over the past 14 years, rents have grown at twice the pace of income due to weak income growth, burgeoning rental demand and insufficient growth in the supply of rental housing, said Zillow chief economist Stan Humphries. "This has created real opportunities for rental housing owners and investors, but has also been a bitter pill to swallow for tenants, particularly those on an entry-level salary and those would-be buyers struggling to save for a down payment on a home of their own."
"Next year, we expect rents to rise even faster than home values, meaning that another increase in total rent paid similar to that seen this year isn't out of the question. In fact, it's probable," Humphries added.
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My name is Michael Ross Steffen. I’m an Exit Realty Cherry Creek Agent in the Denver metro area and Team Leader For Generation Property Group! We specialize in advanced Internet marketing, buying, s....