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Youll Need A Raise To Pay For Denver Rent Hikes This Year
Dated: 04/11/2017
Views: 253
You'll need a raise to pay for expected apartment rate increases in Denver this year.
That's according to data compiled by Zillow Group Inc. (Nasdaq: Z), which indicated that the median Denver rent of $1,998 in February 2017 is expected to rise to $2,043 next year.
That'll require a pay increase $540 over the course of a year to maintain the same income-to-rent ratio. Only rents in Seattle, Boston, Los Angeles, Sacramento, Orlando, Portland and San Diego are expected to rise more than Denver, Zillow officials said.
"For a long time now, renters have faced an affordability crisis when it comes to housing, and renters in some hot markets will still need significant raises just to keep up with rising rents," said Svenja Gudell, Zillow chief economist, in a statement.
Last month, two other apartment research companies confirmed that Denver rents are rising, saying that rents have risen between 1.3 percent and 1.6 percent in the past year.
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