DENVER - Rents in the Denver market are growing at a staggering rate, according to new research.
Zillow.com found that Denver rents appreciated at an annual rate of 9.4 percent, putting us below only Pittsburgh (12.9 percent), San Francisco (13.5 percent) and San Jose (15.1 percent). The nationwide average year-over-year growth is significantly less, just 2.8 percent.
The expensive rent means the 31.8 percent of the average Denver renter's income is spent on their lease. Comparatively, Zillow found that homeowners are spending 18.9 percent of their income.
Zillow said that the historical rates for both renting and ownership in Denver was 21.6 percent, indicating that the cost of ownership has gone down while renting has gone up in comparison to the median income.
Inventory of homes for sale is tight nationwide, according to the research, and values are on the rise. In fact, the website reported that 34 of 35 of the nation's largest metropolitan areas experienced year-over-year home value increases.