According to a report titled “Naughty or Nice Cities for Renters,” by rent.com, Denver is ranked in the top 10 most expensive cities for leasing an apartment relative to income and other factors.
The report looked at the 75 metro areas with the largest populations and categorized them based on:
1. Rental vacancy rates.
2. Median rental rates.
3. Median household income.
“Naughty” cities were considered to be those vacancy rates lower than the national average of 7.4 percent of high median rental rates relative to median household income. With a 4.7 percent rental vacancy rate, a median rent for a one-bedroom apartment at $1,499, and a median household income of $49,091, Denver claimed the No. 6 spot on the “naughty” list. Because of the fast growth of the city, housing prices are also rising quickly.
Colorado’s population increased by 1 million people between 2000 and 2013 and is 60 percent larger than it was 24 years ago, averaging out to a compound growth rate of about 2 percent per year. Denver was ranked as the fourth-fastest growing city among the 50 most-populated cities in the nation between July 1, 2012 and July 1, 2013, by the U.S. Census Bureau.
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