Youll Need A Raise To Pay For Denver Rent Hikes This Year

Dated: April 11 2017

Views: 268

You'll need a raise to pay for expected apartment rate increases in Denver this year.

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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.

Denver Colorado Real Estate Professional
 -Michael Steffen

Michael is a motivated realtor specializing with investors and new home buyers located in the following areas; DenverArvada,Aurora and surrounding areas. Michael Steffen uses advanced internet marketing to insure your property gets maximum exposure and holds a high value of ethics in his work to ensure the ideal scenario for everyone! For help with buying or selling a property call 303-981-2750!

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Generation Property Group

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....

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