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