Denver has been a popular destination for many out-of-towners seeking to rent in the Mile High City. But according to Apartment Lists latest renter migration report, the percentage of out of state renters looking at moving to Denver decreased between April and August to 37.3%. The same time last year had a total of 42.6% of rental searches for those moving to Denver as coming from out of state.
Why the Decline?
Part of this decline can be attributed to the pandemic. With orders to remain home across the nation, moving hasn’t been on many tenants’ minds. But Denver’s decline in out-of-town rental searches isn’t just due to COVID-19. According to the report, Denver is mirroring other tech hub cities, like San Francisco, Seattle, and Austin, TX, where interest has declined slightly due to rent rates outpacing income growth. Another factor is the tech industries early adaptation of the working-from-home model, meaning many of their employees were already living elsewhere while still being employed in Denver before the shut-downs.
So Who’s Moving to Denver?
Though the number of out-of-towners searching Denver rentals decreased, the number of those looking to move locally who already live here increased. According to the Denver Post, part of that can be attributed to the rise of working remotely from home. With so many transitioning to working remotely entirely or commuting to the office less regularly, the idea of living in Colorado Springs or Fort Collins while still working in Denver isn’t as big of a challenge for many renters. It remains to be seen, however, whether this will be a long term thing. Working remotely isn’t a permanent transition for everyone.
COVID-19 has impacted nearly every industry, real estate included, and affected the lives of many. As we push to try and return to a semblance of normalcy, it will be interesting to see how Denver stands in future renter migration reports!
