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Old 09-21-2010, 09:06 AM
 
Location: Denver, CO
1,278 posts, read 503,144 times
Reputation: 885
Default Rent keeps going up, but wages remain stagnant.

Gotta love Denver! $650 for a 350 sq ft outdated studio apartment in Cap Hill. Are you guys noticing this? When I moved here two years ago, I got a 530 sq ft studio a few blocks from the Capitol building for $525/mo. So basically, it was a $1/sq ft. During my recent apartment search, I've noticed that rents have gone up significantly while the apartments have become more outdated and our wages are the same or, in some cases, have gone down. Have you apartment seekers noticed this?
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Old 09-21-2010, 09:17 AM
 
Location: Denver, Colorado U.S.A.
9,996 posts, read 11,288,662 times
Reputation: 6031
Quote:
Originally Posted by mcb1025 View Post
Gotta love Denver! $650 for a 350 sq ft outdated studio apartment in Cap Hill. Are you guys noticing this? When I moved here two years ago, I got a 530 sq ft studio a few blocks from the Capitol building for $525/mo. So basically, it was a $1/sq ft. During my recent apartment search, I've noticed that rents have gone up significantly while the apartments have become more outdated and our wages are the same or, in some cases, have gone down. Have you apartment seekers noticed this?
Sounds about right, unfortunately. I'm not looking to rent, but I remember in the late '90s in Orange County rents skyrocketed. We had a 2bdr. 1000 sq. ft. apartment paying $700 in about 1997. Between 1998 and 2000, it went up to $1200. That pushed us into buying a condo, and our condo payment w/HOA was actually a little lower than the rent had been.

I'm sure you could find cheaper rent in say, Aurora. But with Cap. Hill, you're paying for location. The first time I moved to Denver in 1994, I was paying $350 a month to rent a bedroom on Cap. Hill.
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Old 09-21-2010, 09:34 AM
 
Location: South Metro Denver and looking at houses
8,386 posts, read 17,848,910 times
Reputation: 4141
There is more demand for rental housing with the residential market in tatters.
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Old 09-21-2010, 09:42 AM
 
Location: Denver, CO
1,278 posts, read 503,144 times
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One of the most recession proof businesses you can invest in: rental properties. Yeesh, looks like I need to move back to Detroit.
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Old 09-21-2010, 09:32 PM
 
Location: Denver, CO
5,457 posts, read 13,498,252 times
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I've noticed this too. Question-- is there any major fluctuation in rents depending on the time of the year you sign a lease? Would it be any cheaper to move in say, December or January compared to right now?
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Old 09-21-2010, 09:36 PM
 
Location: LB/OC for now...
5,112 posts, read 11,284,948 times
Reputation: 1762
heh, that's a good rent. I pay nearly 1.7$/sqft. Denver rents are so cheap for major metro areas that it isn't even funny
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Old 09-21-2010, 10:31 PM
 
Location: Denver, CO
1,544 posts, read 2,193,662 times
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Phoenix was cheaper, and I know of a few other parts of the country that are even less expensive. That said, I suspect we have cities like Seattle beat for low rents.
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Old 09-22-2010, 01:11 AM
 
3,423 posts, read 3,703,316 times
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Quote:
Originally Posted by vegaspilgrim View Post
I've noticed this too. Question-- is there any major fluctuation in rents depending on the time of the year you sign a lease? Would it be any cheaper to move in say, December or January compared to right now?
I'm sure some of it is seasonal, but this year was pretty stiff increases. Places which were listed for $850 in March were $980 in July.

Still its all about demand and hard to expect rents in Cap Hill to stay stagnant. In every city you can think of rents in the most in demand areas almost never drop. The less desirable areas tend to see the drops and the farther out and easily replicated places see lots of drops and don't recover for a long time.
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Old 09-22-2010, 12:07 PM
 
Location: Denver
22 posts, read 24,351 times
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the location you are at tends to be a bit more expensive, but rents have gone up in most cities, you can try one of the outter suburbs but I have a feeling it will be expensive too.
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Old 09-22-2010, 12:41 PM
 
Location: Del Norte NM
530 posts, read 719,530 times
Reputation: 162
The popularity of moving to CO might have something to do with it too.
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