If you’re looking to find a rental in Denver, be prepared to pay more than you may think. A new study from Zillow found that renters here in the Denver metro area spent $4.9 billion for rent, up 10% from a year ago. That equates to about $86 a month more
this year in rent. This jump was only beaten by San Francisco – infamously known for its expensive rents and living costs – which rose by 13.5%. As a nation, the U.S. pays about 5% more this year for rent, so Denver is very much above average, which is not great news for renters.
This study presents a great motivation for renters to start seriously looking at buying a home in Denver since mortgage payments may be lower than rent. There are a large number of options available for loans, so if a renter thinks that they aren’t able to buy a home without a hefty down payment, they may be wrong. Contact our brokers in our office to find out your options, as many times buyers are surprised at the number of opportunities out there from lenders.
These higher rents also create a positive financial outlook for investors. It is a fantastic time to purchase property and rent it out for one obvious reason: you collect more rent as these costs rise for the city. For both homes and condos, there are plenty of people moving to Denver and looking to rent, so you shouldn’t have a hard time finding a tenant, and you can earn a nice income from their rent checks each month.
If you feel you are paying too much for rent and the costs are growing out of your range, be sure to get in touch and contact our brokers to find out more about buying. We can show you how it can be your best option right now so your money is going into your own home for a great future return.