DENVER – The rising cost of housing in Denver is prompting many renters to search for new opportunities in different cities.
That’s according to the latest analysis from rental listing website ApartmentList, which asked its users if they were looking to relocate and why.
Nationally, survey respondents said job opportunities were the biggest reason for moving to a new city or state, but in Denver, affordability was key.
Sixty-seven percent of Denver renters surveyed said they wanted to relocate to a new city, with 48 percent citing affordability as the biggest reason for wanting to leave, according to ApartmentList. Twenty-two percent said job opportunities were taking them elsewhere. The next biggest reasons – safety and commute time – each accounted for just 6 percent of responses.
Rents have been steadily climbing in Denver and the surrounding area. The median cost of a 2-bedroom apartment or house in Denver proper rose to $1,350 in July, up 2.7 percent compared to the same time last year. In some of the suburbs, rents are even higher – a 2-bedroom in Lone Tree runs about $2,000 and the same size unit in Thornton is about $1,800.
So, where are people going?
Chicago is the most popular destination for people leaving Denver, according to ApartmentList’s survey, followed by Dallas and Phoenix.
Not everyone’s looking to leave Colorado, however. Fort Collins was listed as the most popular destination for people looking to stay within the Centennial State.
While rising rents seem to be pushing some people out of Denver, it hasn’t curbed the inbound flow of new residents. Denver continues to be a popular destination for people looking to move from even more expensive cities. The Mile High City is especially popular in Texas, with residents in Dallas, Houston and Austin listing Denver as their desired destination more than any other cities.
To read the full report, log on to apartmentlist.com.