It goes without saying that Colorado has seen a huge influx of people moving into the state over the last two years. Over 100,000 to be precise. And while Colorado isn’t seeing inbound numbers as high as other states (Florida came in around 300k!), Denver is still a popular destination for many seeking to move west. And according to ApartmentList’s reports, Denver is #1 for attracting inbound renters!
Denver’s #1!
ApartmentList released their report which tracks which locations their users search for the most. According to their data, Denver ranked as the #1 search location between 06/01/2019 and 12/31/2019, taking up 48% of the searches. So where are these renters looking from? Tracking users IP addresses, the report showed that the majority of those searching for apartments in Denver were located in Washington DC. They accounted for 10.5% of the inbound searched, while San Francisco came in at 2.4% and Seattle at 1.1%.
Inbound Vs Outbound
So while everyone wants to move to Denver, how many people who are already here want to leave? ApartmentList’s data showed that Denver ranked 14th amongst the largest metros with the most renters looking to move outside the city. That being said, there are many people looking to move away from Denver while remaining in Colorado, seeking to expand instead to the outlying suburbs, Colorado Springs, or the Fort Collins area.
Supply and Demand
With so many inbound renters coming to Denver, now is the best time to own a rental property! Demand for single family homes as rentals has skyrocketed over the last few years, while supply hasn’t been able to keep pace. And while average home prices and lack of affordability certainly play a role, there are many people who prefer to rent instead of buy. So, if you own a rental in Denver, hold on to it!
