Rental rates and rental attractions, or amenities, often go hand in hand. Those offering their homes for rent need to keep up with what renters want and need, while also keeping track of the rental market in their area.
It’s All About Downtown
Pulling data from the third and fourth quarters of 2015, the most expensive rents were focused around Downtown Denver, specifically the Golden Triangle area, Lower Downtown, and the central business district. The asking rent for a one bedroom in the Golden Triangle was $2275, $2150 for Lower Downtown, and $1735 for the central business district.
Other high expense areas in Denver for a one bedroom were Cherry Creek at $1780, Belcaro at $1700, and the Highlands at $1655.
However, Denver has begun to see a slowdown in the rental market, and the finger may be pointed at the increased supply that flooded into the market. According to an article in the Colorado Real Estate Journal, prices for one and two bedrooms units started to slow down their increases. One bedrooms ended the year at a median rent of $1250, which was actually down 5.3% from the previous quarter, while two bedrooms were down 4.4% at a median of $1730.
What Renters Want Most
But Denver is still a hot market for rentals and was ranked the 13th most expensive market in the U.S.! That being said, according to a second article in the Colorado Real Estate Journal, there are some things that renters want more than others. One of the most important factors in a recent survey which asked renters what they prefer when searching for a new place to live was location. How close is it to the grocery store, restaurants, highways, shopping, and public transportation are all huge selling points and can play a big part when determining price.
What amenities are included can also draw more attention. Is there pool access for those hot summer days? A fitness center for the work-out aficionado? Is recycling included? Even pets need amenities, with 40% of Denver renters owning pets and searching for places that accommodate their furry friends. 41% of renters desire a community dog park, 32% search for a place that has a community pet-washing station, and 22% want dog treats in the lobby.
Knowing what renters look for and what rents are going for in your area are great things to keep in mind, but overall, rental rates and rental attractions are just two of the big factors that play a role in Denver’s rental market.