in overall consumer inflation measured in March, according to a survey from the University of Denver and the Apartment Association of Metro Denver. Average apartment rents are now at $1,765 a month, and higher in the more popular neighborhoods.
Hidden within the average are people getting hit with hikes so large and unexpected that they can blow apart budgets, derail life plans and crimp spending on a host of other items. Wadsworth’s increase was 21%. Adam Novinska, a Denver tech worker, faced a 26% increase on his Congress Park area apartment. Rents there shot up from $1,650 a month to $2,077 a month.
Although big rent hikes are hitting young adults hard, they also impact retirees and others on a fixed income, individuals who have fewer options to make extra income or move away. Chicago native Beth Menzer moved to Denver in 1970, part of the influx of baby boomers who moved to Colorado in the 1970s, a transplanted “hippie” as she describes herself.
Driven away by the rising cost of living, Menzer’s son is moving out of metro Denver to Woodland Park, while her daughter has relocated to Anchorage. Menzer, 71, said it is only a matter of time before the market will become too costly for her to remain, but she doesn’t know where she will go. Warnock offers a few theories on why rents have spiked, and they all circle back to an undersupplied housing market, which was so damaged in the housing crash of the 2000s that all these years later it can’t provide enough homes and apartments. Home prices in metro Denver are up 24% year-over-year, according to the local Case-Shiller index, outstripping rent gains. Add to that a surge in interest rates as the Federal Reserve tries to combat inflation.
With remote work a real viable future for labor, we could reduce the 'housing shortage' by converting office buildings to apartments and condos flooding the market... but the banks will fight that so they can print money with high mortgages.
sarahwads_
Yet your governor just gave the apartment owners another big property tax break! Look it up! I dare you!
Denver's Ruined
Get woke go broke! Enjoy the free smell of weed and shit in Downtown
Living in Denver gets more difficult and more sad every year... Year after year.
We had a $200 mortgage hike this year because the county upped our valuation... for the SECOND YEAR! DEAL!!!
Yup.
Move out of the city, rent prices will plummet, supply and demand is a super basic concept.
Here I sit in my 84 degree apt that has center air that doesn't work. But lets increase rent.
That’s a criminal activity. Where tf is oversight in all these obscene rent hikes not just in apartments but also in lot of these vacant homes that are owned by who knows who? This country is fking corrupt to the soul. People are fkin suffering.
Dear Colorado, You do not have to be ' just like Denver.' You do not have to do 'what Denver does.' Be better than Denver, leave the insanity there. Thank you, One of the homeless
Then move, there’s plenty for $1500
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: denverwestword - 🏆 315. / 61 Read more »
Source: CBSDenver - 🏆 612. / 51 Read more »
Source: denverpost - 🏆 13. / 72 Read more »
Source: denverwestword - 🏆 315. / 61 Read more »
Source: DenverChannel - 🏆 239. / 63 Read more »
Source: CBSDenver - 🏆 612. / 51 Read more »