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Renters Moving Out of Denver Due to Soaring Costs

Corporate Housing Solutions | Aug. 17, 2017

While it is no secret the City of Denver is doing everything it can to help alleviate the housing crunch and soaring living costs a new study shows it may not be enough to prevent renters from moving to other cities.

"A new study maintains that two-thirds of Denver renters plan to move to another city, a figure higher than the national average, with most listing high rent costs in the Mile High City as the main reason. At the same time, however, so many people from other places want to move here that the actual number of renters in Denver is likely to remain steady in the near future and could actually rise." (Westword)

This is bad news for low income families who have been struggling to find housing they can afford. This trend will undoubtedly change the Denver demographic favoring a higher income population unless city officials take drastic steps to develop programs that will help lower income families stay in the Denver area. Mayor Michael Hancock just last month in a state of the city address tried to remain optimistic about the housing issues by touting some of the programs they plan to deploy to address the issue with housing.  He stated,

"Hancock struck optimistic tones, recounting gains on a number of fronts while outlining new initiatives aimed at helping more families afford to stay in Denver. One plan of undetermined cost would subsidize the rent gaps for 400 vacant market-rate apartments to enable low- and moderate-income families to live in them. That is part of early plans for the city’s 10-year, $150 million housing fund, created by the City Council last year. “We are pulling every lever we can to offer more affordable options to our people,” Hancock said, citing the early attainment of previously announced initiative to help build or create 3,000 affordable homes." (Denver Post)

It seems that despite their efforts Denver officials have had a hard time deploying these solutions fast enough to help the lower income segments of the Denver population and thus the reason people are reporting an intent to move.

What is clear is despite out going renters the influx of population will not let up anytime soon, nor will the housing crisis get solved. This simply means that those that can afford to move to the Denver area will be of a higher income strata. Many of them will be looking for short-term housing solutions before they begin looking for houses.

The best option for those who can afford to move into the Denver area is to look into the Furnished Rental Options and just stay out of the rat race that has become the Denver rental situation in Denver.

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