Denver is booming, drawing in Millennials in droves, and not just for the great skiing or hiking, but for the jobs. Once the gateway to the West, Denver is now the end point for many job seekers, adding more than 100,000 out-of-state residents from 2010-2014 to Colorado’s population of 2.7 million!
According to an article published recently by the Wall Street Journal, Denver has opened up more than 3,200 new firms over the last four years, adding more than 165,000 new jobs to the metro area, jobs that many critics are concerned that the newcomers are out-competing the Colorado locals.
And with more people comes more demand for living space, which, of course, causes Denver rents to rise through the roof and beyond!
Last year, rents in Denver jumped 7.8%, ranking the second highest increase behind San Jose, CA for U.S. metros.
This flood of newcomers causes locals to point the finger of blame for rising rents and heavy traffic on the multitudes of out-of-towners setting up shop in Denver. And where rents rising and low supply aren’t necessarily good news for renters, it’s great news for those looking to invest in rental property!