Stoners over saturating the rental market?? (Denver, Aurora: renters, mortgage, home)

[denverian]

Originally Posted by blackmet

I kind of get the OP's frustration. Rents are going up way too high way too fast here, even with the building boom. My current complex only raise the rate for us for our current lease by 3%, which is AMAZING in this market. We ended up taking it, even though I thinking about us finding a new place because I am really tired of my 27 mile in rush hour Thornton to DTC commute. Salaries definitely AREN'T keeping pace -- the average raise at my company last year was 2-5%, rents went up nearly 10%. This makes it hard for people to keep their heads above water, much less save for a house or a townhome (we don't build condo's these days).

Yes, Denver has all kinds of great things going for it...low crime rate, near the mountains, culture, microbreweries, legalized marijuana, concerts, nice parks, a kind of live-and-let-live culture. Is it worth what you currently have to pay for it? Not really. And, based on personal experience of a year I spent being broke in Broadway Terrace...it SUCKS having all that stuff right out your window but not really being able to take advantage of it because all your money goes into just keeping your head above water. What's the point of being in Denver (or NYC, San Fran, L.A., Austin, Boston, etc.) if you're not going to get to experience that things you want to from them?

Honestly, I'd say unless you're going to be making AT LEAST 50-60K a year OR don't mind living in a junkhole of an apartment with 3 roommates so that you can ski/toke/microbrew/hike/bike to your hearts content...don't come here. There IS some great quality of life to be had here, but really, it's not a place for the working or even lower-middle class anymore.

When we moved from Denver to Orange County in 1996, we rented a nice 2 bdr. apartment for $700 per month. It was nice, big, and was the same rent we had been paying in Denver for 2 run-down studio apartments (we moved in together). Rent increases were minor at first, but then we started getting hit with $100 per month increases every 6 months and were soon up to $1200 per month in rent. That forced us to start looking at condos, and although it was difficult to save up the down payment considering the rent increases, we did it. We had to bid on about 15 condos, but finally got one for around $110K, and the payment, HOA included, was cheaper than the rent we'd been paying. Maybe condos (not luxury downtown condos) are cheaper than renting in Denver these days?

[CTC]

Originally Posted by Snikt

Supply and Demand, nobody wants to live in Florida. Everyone wants to live here.

I can't even sell my house I still have in Florida even with taking a big hit. It's just a dead market right now.

Interesting, my house in CO took a 30% hit during the downturn (barely even on it now), while my FL house purchased in 2011 has increased by 40 percent based on the comps in my neighborhood. I get offer letters from agencies wanting to buy our FL house. We have had way different experiences!

[CravingMountains]

Originally Posted by Mike from back east

Let us help you struggle your way to success here. Tell us your rental budget, your job location, and our people will step up and help you.

I'll be back later tonight after work to discuss more. Lots of details.

[Mike from back east]

Originally Posted by CravingMountains

I'll be back later tonight after work to discuss more. Lots of details.

Thanks. We'll see you later.

[SOON2BNSURPRISE]

Can I come back for a visit as well. I don't normally visit the Denver forum but the title of this thread caught my eye.

[blackmet]

Originally Posted by denverian

When we moved from Denver to Orange County in 1996, we rented a nice 2 bdr. apartment for $700 per month. It was nice, big, and was the same rent we had been paying in Denver for 2 run-down studio apartments (we moved in together). Rent increases were minor at first, but then we started getting hit with $100 per month increases every 6 months and were soon up to $1200 per month in rent. That forced us to start looking at condos, and although it was difficult to save up the down payment considering the rent increases, we did it. We had to bid on about 15 condos, but finally got one for around $110K, and the payment, HOA included, was cheaper than the rent we'd been paying. Maybe condos (not luxury downtown condos) are cheaper than renting in Denver these days?

In 1995, my grandmother and I moved in to a cheap 2bd apt in Arvada. $470 a month. It was...utilitarian, at best, but it was ground floor and had W/D hookups.

By 2003 or so, it was 695. Then it actually dropped to $595 over the next few years.

My first place of my own was $524 a month, no deposit, one month free. In 2007.

My current after tax income is about $2250 a month. I pay $599 for rent now (1/2 of the rent for a 2 bedroom in Thornton with my partner). If I had to go it alone, the max I could handle would be about $750 a month. I probably couldn't even get approved to live in a place that cost more. Those places barely exist now. I'm 32, atleast a semi-professional with a bachelors degree and a 40 hour a week job, and if I wasn't happily partnered, I'd probably have to live in a bedroom and share a kitchen and bathroom with a stranger. I don't want to do that at 32.

[BlueWillowPlate]

Originally Posted by attentionspanltd

I moved up here from Florida too, and the weather, lower crime rate, higher pay rate, beautiful scenery, and recreational opportunities are well worth the jump in rent. Florida can't hold a candle to Colorado. You get what you pay for.

Perhaps it depends where you go. We left Denver for *north* Florida. No regrets.

Originally Posted by CTC

Interesting, my house in CO took a 30% hit during the downturn (barely even on it now), while my FL house purchased in 2011 has increased by 40 percent based on the comps in my neighborhood. I get offer letters from agencies wanting to buy our FL house. We have had way different experiences!

We've had a similar experience to yours.
North Florida has had an upswing in housing sales. Both my husband and I are making less money than we did in Denver. But we're in a small town, love the beach (state park within walking distance) and are very happy.

Having said that, I agree with SOON that FL/CO is not an apples-to-apples comparison.

I also think the middle class squeeze is happening all over the country.

OP, lots of healthcare jobs in the northeast FL sector.

[hammertime33]

Originally Posted by CravingMountains

Well for seven months you will hear me complaining about EVERYTHING. This city is over priced and filled with stoners.

Then leave

[Mach50]

Originally Posted by CravingMountains

This is my forum for the next seven months.

Word of advice:

I did this same thing when I lived in Irvine, CA... I hated it and let people know it is not perfect for everyone.

I think it is your right to give your experience albeit good or bad here on the forum for all to see. Just don't assert stupid things e.g. "stoners upping the rent market" without any evidence besides anecdotal... it won't go very far and will be considered trolling. You'll be banned... notice I am still here as are most of my threads about Irvine...

Buenas Suerte!

[CravingMountains]

Originally Posted by Mike from back east

Thanks. We'll see you later.

Well, yesterday I was called up by another job offer on the east side of town. I got the call right after I was posting here actually. The pay is the same (I was quoted pay in the$40,000-$45,000 range by a current co-worker) but the location puts me much closer to affordable rental markets on the east side. I am going to pursue the opportunity. Just grazing over craigslist there are so many more flexible living situations for an affordable price in the northeast to southeast areas. This job is located off of east Colfax.