Tips to Expand Your Search for the Right Denver Rental
Are you thinking of relocating to Denver and looking for an apartment or rental home that fits your budget? Or perhaps you’re interested in trading up your current rental for one that better suits your needs?
You should know that the Mile High City is seeing increasing rents and decreasing vacancies, according to a recent report.
The Denver Metro Apartment Vacancy and Rent Survey says the metro area’s apartment vacancy rate fell to 4.6 percent in the first quarter of 2013; that’s the second-lowest vacancy rate recorded in any quarter since 2001.
The report, released by the Apartment Association of Metro Denver and the Colorado Division of Housing, noted that in the first quarter of 2013, the area’s average rent rose to its highest level in any quarter. That means an average of $992 per month, which is 4.2 percent higher than the first quarter of last year.
Robert Alldredge, owner of Jericho Properties Realty in Lakewood, told The Denver Post in February: “When a rental house becomes vacant, we’re quickly getting multiple offers from people who want to rent the house. The market is as tight as I can remember, and I’ve been doing this for 30 years.”
So what is a potential renter to do? With dwindling availability, rising rents and fierce competition, consider expanding your options — through networking and widening your search area — with the following tips:
- Think outside the Denver/Boulder “bubble.” If you don’t have to commute into the city every day, or if your job is located in the suburbs, you might want to consider a rental in Park, Clear Creek or Gilpin counties. Communities like Bailey, Idaho Springs, Georgetown and Nederland are within easy reach of the Front Range’s metro corridor yet offer lower prices and less competition.
- Use tools like Facebook and Twitter to your advantage. Via social media, put the word out to your network of friends and colleagues that you’re looking for a place to rent. One of them may have a place to rent or to sublet; they also may know someone who is seeking a renter.
- Talk to your landlord. If you’re already renting in the Denver area and seeking a place that better meets your needs, your landlord may have another property — or may know another property owner who is seeking a renter. Your landlord’s good reference may be the key to securing a new rental.
Be prepared to act quickly while you search for the right rental. Trulia offers tips for getting the place you want, including having complete, accessible references and keeping your checkbook handy for the security deposit.
Recommended by the Editors:
- Study forecasts growing demand for walkable neighborhoods in West
- How to Drastically Cut Your Water Bill at Home
- Avoid These Common Mistakes in Denver’s Real Estate Bidding Wars
Looking to rent a new place? Contact an Allstate Agent near you to talk about insurance for your new rental.