Report: Rental Market Just as Competitive as Home Sales
Some property owners are raising rents 20-50 percent in the Denver Metro Area. The number of renters has increased, too. “It’s incredibly competitive,” said CAR Spokeswoman Kelly Moye. “It’s just like if you’re buying homes. Most renters are dealing with competing with 50 to 60 other applicants.” She said she recently had 64 applicants in less than 48 hours for a vacant Westminster townhouse. “The applicants were overqualified for this place. The amount of interest (in the rental home) was really unbelievable.” Moye doesn’t believe there will be a correction on rent prices anytime soon. “If there are people willing to spend the $900 bucks more, then that won’t correct until there are people that aren’t willing to spend more,” she said.