The housing market in Denver is getting increasingly competitive, and higher home prices and quicker sales times have resulted in a larger number of landlords cashing out, leaving fewer homes for lease and pushing up rents. The market has been steadily tightening since 2013, so the inventory at this point is drying up significantly.
The amount of people moving to Denver is adding to the exhausted real estate market. An apartment showing can draw 16 people in a few hours. In the push to get ahead of the competition, more renters are submitting applications without seeing a property, despite realtors discouraging them from doing so. The entire process is frustrating, and mostly for people who are trying to move, find a perfect property, and then realize it is no longer available almost as quickly as it is listed.
Exacerbating the tight inventory is metro Denver’s ongoing popularity with young adults from other states. More people are also moving out on their own as the economy improves and unemployment drops.