As home prices rise in the Denver area, it may seem that the urgency to buy would lessen as prospective buyers shy away from high prices. While there are plenty of people ready to buy massive homes in Denver, there is a significant portion of the local population who prefer to rent. To say this rental market is booming is an understatement. Rental rates in Denver are also growing significantly, making it hard for many people to make ends meet living alone.
A review of census data found that one in four renters in the Denver area are severely rent-burdened. That means more than 50 percent of their income goes towards rent. Unfortunately for people renting in Denver, there’s no good short-term solution. No big affordable housing projects are being built in the area, and many of the apartments that are being constructed are higher-end smaller units in and around downtown.