Rental inventory continues to decrease as landlords and tenants alike respond to the strong housing market. Landlords may be deciding to capitalize on a strong seller’s market. Tenants may be renewing and extending their leases due to rental rates going up and limited options to buy or rent.
Rental rates are being pushed up as supply decreases and demand grows from an influx of people moving the the Denver Metro Area. Median Leased Price per Square Foot increased 10% year over year.
Days in MLS is decreasing, especially in high-demand segments like condominiums in urban locations, like Downtown Denver. As venues and retail spaces open and welcome larger gatherings, urban areas are becoming more appealing. Inventory in the MLS continues to be dominated by detached homes, followed by condominiums and townhomes.
See the latest rental market stats in the Denver Premier Leasing Agents report: