Denver is still a top pick for renters across the US! According to AparmentList.com’s most recent Renter Migration report, Denver is the #2 destination for migrating renters. Ranking just behind Tampa, FL, the report showed that 55% of renters looking for homes in Denver were coming from out of state. And those within the Mile High City looking to relocate elsewhere still choose to stay in the Centennial State.
Denver is Still Hot!
So what’s the long story short? Despite recurring news of unaffordability, Denver’s flow of new renters hasn’t slowed down. With a thriving job market, beautiful scenery, and abundant activities, it remains a desirable destination for many. And with Denver’s home prices out of reach for many, those looking to become part of the Mile High City turn to renting. Renting for many is also the preference, choosing flexibility and savings on maintenance costs over owning their own home. And where are these people coming from? According to the report, New York City, Chicago, and Washington DC are the “first, second, and fourth most common locations for inbound searches to Denver.” This is great news for landlords, as the flow of potential tenants hasn’t dwindled.
Is Everyone Staying?
Some stay and some go, but according to ApartmentList.com’s report, those looking to leave Denver don’t leave the state like many of those moving here. Instead, many renters who have found the Mile High City too pricey have turned to other local markets, including Fort Collins, Colorado Springs, and Greeley. The report also showed that 69% of renters looking to relocate searched nearby neighborhoods within the Denver Metro area.
The Highs and the Lows
While Denver has enjoyed popularity, not all metros attract as many renters from out of state. Detroit, Michigan, for example, ranked at the bottom of the 25 metros surveyed by ApartmentList.com.