Rent keeps going up, but wages remain stagnant. (Denver, Aurora: apartments, rental)

[mcb1025]

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 $650 for a 350 sq ft outdated studio apartment in Cap Hill.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my recent apartment search, I've noticed that rents have gone up significantly while the apartments have become more outdated and our wages are the same or, in some cases, have gone down.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?

[denverian]

Originally Posted by mcb1025

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 $650 for a 350 sq ft outdated studio apartment in Cap Hill.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my recent apartment search, I've noticed that rents have gone up significantly while the apartments have become more outdated and our wages are the same or, in some cases, have gone down.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.

[2bindenver]

There is more demand for rental housing with the residential market in tatters.

[mcb1025]

One of the most recession proof businesses you can invest in: rental properties. Yeesh, looks like I need to move back to Detroit.

[vegaspilgrim]

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?

[bhcompy]

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

[zenkonami]

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.

[Willy702]

Originally Posted by vegaspilgrim

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.

[nativeandproud]

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.

[Ziasforever]

The popularity of moving to CO might have something to do with it too.