Five main factors are fueling the hot apartment market in Denver:
1. Metro Denver’s population has been growing by about 20,000 people per year and is pushing 3 million.
2. Home ownership rates are at 61 percent, just below the national average of 63.9 percent.
3. The area has experienced a record-low level of available single-family homes and condos for sale (9,187 in July, according to Metrolist).
4. Annually, 33,622 high school graduates reach rental age in metro Denver.
5. Denver added 52,200 jobs in the last year.
Recent U.S. Census data shows Colorado leading the nation in Generation Y immigration (demographic ages 25-34), who are attracted by Colorado’s continuing efforts to become one of the healthiest states in the nation.
The Daily Beast, the online home of Newsweek magazine with over 18 million unique visitors each month, recently included Denver among a select group of cities — including Seattle and Boston — where “high-tech and professional service growth has created enough wealth to offset higher costs while offering the next generation the chance to live in a culturally vibrant place where affording a home and raising a family are still possible.”