Denver tenants are seeing rent hikes as high as $400 or more per month

5/17/2022 4:41:00 PM

Home prices are up, mortgage rates are up, and rents are skyrocketing in the Denver metro area.

Home prices are up, mortgage rates are up, and rents are skyrocketing in the Denver metro area.

Rents are spiking at double-digit rates across metro Denver, and while the gains aren’t as extreme as the rise in home prices, they are leaving tenants feeling financially depleted and trappe…

“That increase is an average over individual apartments in the market, so there are certainly a large number of units renting at an even-higher annual price jump,” said Rob Warnock, a senior research associate with the apartment search engine.“I basically had to swallow it because every other place I looked was as expensive — if not more — for a similarly-sized unit. I cut out a bunch of expenses and am still working to trim where I can to afford this,” he said.

In February, she learned her rent would go up $70 a month, not big in the grand scheme of things. But it pushed her rent up to $914 a month, consuming about half of her Social Security and other retirement income. She also learned that her rent could go up to a limit of $1,065 next year, claiming more than 60% of her monthly income. Even affordable isn’t affordable anymore.

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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.

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ahead of the 9.Aurora Police Department account notes that officers responding to multiple 911 calls found two adult males suffering from gunshot wounds; both were pronounced dead at the scene.By May 15, 2022 at 10:43 am Filed Under: Denver News (CBS4) – Hundreds gathered underneath the Colfax viaduct in Sun Valley Saturday for the first ever Sun Valley Rising Viaduct Night Market.Elevation change : 400 feet If you’re exploring Denver for the first time, people probably will urge you to visit the world-famous Red Rocks Amphitheatre, which some regard as the world’s greatest concert venue because of the way it was built between two enormous red sandstone rock formations.

1% gain 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. Another shooting went down early May 14. Apartment List puts annual apartment rent inflation at 15% in April in metro Denver. “It’s being activated by the art, the music, the vendors, and the people. And a rent index from Zillow, which includes rental homes and apartments, is also tracking a 15% increase.m. “That increase is an average over individual apartments in the market, so there are certainly a large number of units renting at an even-higher annual price jump,” said Rob Warnock, a senior research associate with the apartment search engine. The trailhead is at 6,330 feet and the hike tops out at 6,750 feet.

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. Then, at around 6:15 p. According to Shah, the idea is to reimagine underused spaces and even improve them. Wadsworth’s increase was 21%. Adam Novinska, a Denver tech worker, faced a 26% increase on his Congress Park area apartment. May 15, the Commerce City Police Department  responded to a shooting on the 11800 block of Jasper Street, where an adult male had been hit with a single blast from a shotgun. Rents there shot up from $1,650 a month to $2,077 a month. The organization, which helped secure grant funding for the event, surveyed attendees about a potential improvement project around the viaduct. Pleas to property management that he had never been a day late on rent, never generated a noise complaint and only requested maintenance when absolutely necessary all fell on deaf ears, he said.m. That trail will emerge into more open terrain and connect with the Morrison Slide trail, a rocky path with a series of switchbacks.

Nor did the big rent hike come in exchange for anything of added value. His place is dated and average, hardly new, trendy or hip. Anyone with info about these incidents can contact Metro Denver Crime Stoppers at 720-913-STOP (7867). After cooking in this neighborhood for years, he launched his new concept, Litto’s Taquitos Saturday. The only justification he received was that his current rent payment was “under-market.” “I basically had to swallow it because every other place I looked was as expensive — if not more — for a similarly-sized unit.. I cut out a bunch of expenses and am still working to trim where I can to afford this,” he said.” This market is one of five planned across Southwest Denver this year, but the hope in Sun Valley is to make a more permanent gathering space long- term.

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. Since we started Westword , it has been defined as the free, independent voice of Denver, and we'd like to keep it that way. 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. Her kids were born and raised here, and then she moved away to Milwaukee. You can help by participating in our"I Support" program, allowing us to keep offering readers access to our incisive coverage of local news, food and culture with no paywalls.” It’s really important that we show that these people have lived here for a long time, and they’ve built a community, and they deserve to reap the benefits of everything that’s happening in the neighborhood. After that marriage fell apart, she decided to move back in 2014 to be closer to family. But the Denver she once knew had changed drastically.

Housing was way more expensive. “That energy is going to draw them back into this space. She put her name on a list for affordable housing and in 2018 landed her current one-bedroom, 550-square-foot apartment in south Denver for $787 a month. In February, she learned her rent would go up $70 a month, not big in the grand scheme of things. But it pushed her rent up to $914 a month, consuming about half of her Social Security and other retirement income. Conor. She also learned that her rent could go up to a limit of $1,065 next year, claiming more than 60% of her monthly income.

Even affordable isn’t affordable anymore. 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. “I love Colorado, but I am sad about what happened to it,” she said. “The American Dream is gone.

Something has to change.” Why the rise? Many sources of inflation in the economy are linked to the pandemic, from supply-chain disruptions to the $4.6 trillion in fiscal support the federal government pumped into the economy . Consumers, unable to spend money on services, shifted more spending to goods. Manufacturing and supply-chain issues resulted in shortages for a range of consumer goods, from toilet paper at the start of the pandemic to most recently, baby formula.

Chip shortages caused auto prices, both new and used, to surge. And energy costs, which rose during the pandemic rebound and again after Russia’s invasion of Ukraine, are a key driver. But apartment living fell out of favor during the pandemic as young adults returned home and remote workers sought more space to stretch out. If they could avoid it, people didn’t want to have to deal with faulty and virus-spreading ventilation systems, white knuckle elevator rides and crowded common areas filled with coughing strangers. It took a full year for the Zillow Rent Index for Denver to get back to just where it was in March 2020.

That lull likely created a false sense of security regarding what was to come. 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. Between higher mortgage rates and higher home prices, a renter looking to buy a typical home in metro Denver at the end of March faced a payment that was 21% higher than at the start of the year, and 42% higher than in March 2021, according to an analysis by Zillow .

Those costs only went higher in April, leaving would-be buyers like Novinska, who thought at the start of the year that he could be in his own place within 12 months, despairing. Another discouraging thing about the rent hike for Novinska, who is turning 38, is that it leaves him with less disposable income to put aside for a down payment on a house. “It’s less money I can save each month to try and come up with a down payment for a home, which becomes even more unaffordable the longer I rent,” he said. “I’m stuck in a place where I feel I’ll be perpetually renting as housing prices explode, where rent increases, and where saving is impossible.” Renters who are stuck renting also contribute to the lack of enough apartments to meet demand, keeping vacancy rates low and allowing for price increases.

“It does create some shift among people who may have been wanting to get a home but no longer can. That does prop up the demand for apartment units, which is the next choice because that is what you can do,” said Ron Throupe, associate professor of real estate at the University of Denver’s Daniels College of Business and author of a monthly report on the local apartment market. Related Articles .