According to the Apartment Association of Metro Denver, rent prices are rising in the Denver metro area. The average monthly rent has increased to $1,382 – up 5% from this time last year.
“Denver saw 3,246 new apartments delivered in the first quarter,” said Mark Williams, executive vice president of the Apartment Association of Metro Denver (AAMD). “That’s a new record for first quarter deliveries and more than in any other quarter in nearly 15 years.”
But those new apartments come with a premium price, which pushes up average rents across the board.
“We’re seeing average rents of $1,729 for apartments built since 2010,” said Teo Nicolais, a Harvard University instructor who specializes in real estate. “That’s 60 percent higher than the $1,079 average rents on apartments built in the 1970s. Adding 3,246 new apartments at that higher price point will, by itself, increase the metro-wide average rent figure.” (bizjournals.com)
The question renters must now ask themselves is, “Is it time to dump the rent and own our home?”
While renting can be advantageous in some situations, the fact is that the high price renters are paying each month is only benefiting the landlord. As a homeowner, you could likely have a lower monthly payment while also gaining equity in your home.
The money is not the only pro to home ownership. When you purchase a home, you are the one in control. You can have pets, paint walls, get tax breaks and more! You make the decisions…not the landlord.
If you are interested in learning more about dumping the rent and owning your home, we would love to talk to you! Give us a call at 720-593-2014 and let us show you how you can be a home owner! We look forward to hearing from you!