Rent Prices Are Going To Rise Again In Denver Colorado
Dated: February 3 2017
Metro Denver rent increases, after slowing this year, should kick it up a notch next year, with the biggest hikes coming in more affordable areas and outlying communities such as Bailey, Elizabeth and Black Hawk, according to a new forecast from Zillow.
“Rental growth in Denver will continue to be strong and even slightly stronger than this year,” said Svenja Gudell, chief economist at the Seattle-based real estate information provider.
The Zillow Rent index for Denver is at $2,013 a month, the highest of any major metro area not located along a coast, and way above Chicago at $1,643, Dallas at $1,543 and Phoenix at $1,247 a month.
Zillow is calling for metro Denver’s already elevated rents to rise another 5.9 percent next year following a 4.1 percent increase this year. Only tenants in Seattle, up 7.2 percent, and Portland, Ore., up 6 percent, face steeper projected rent increases in 2017, according to the Zillow Rent Forecast.
Nationally, U.S. rents are forecast to rise 1.7 percent in 2017, matching the pace expected in 2016.
Zillow’s forecast, if it pans out, would put even more financial pressures on Denver-area renters, who have found housing costs consuming an ever-larger share of their incomes.
But like those other surveys, Zillow’s data support the idea that tenants, in a hunt for affordable options, are bidding up rents in older suburbs and outlying communities.Unlike other rent surveys that focus just on apartments, Zillow’s measure includes single-family rental homes, resulting in higher rent averages.
Zillow calls for rents in Bailey to rise 10.9 percent next year after a 14.7 percent hike in 2016. Elizabeth is expected to see an 8.3 percent increase next year, down from a 12.9 percent increase this year.
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