In 2015, Denver ranked 6th in the country for Top 10 cities adding jobs. This trend has continued into 2016 with growth rates of 3 to 4 percent per year. With more jobs available, Denver became one of the fastest growing cities in the nation. Last year, Denver’s population grew by 102,000, however according to the U.S. Census Bureau, the state added only 25,143 new homes, condos and apartments to accommodate those newcomers, adding 15,000 units to a shortfall that has been mounting since 2012. Colorado is currently at 55,000 homes short of where it needs to be to support the recent population growth.
With increased demand for housing, and a decrease in supply, rent growth is the natural consequence. In 2014, rent increase averaged 5.9% nationwide, this year it has been as high as 9% in markets like Denver, San Francisco and Portland. Despite higher rents, vacancy rates are low.
The conditions are perfect for investing in multi family housing. With the increased need for multi family housing also comes a greater need for Denver apartment renovations and Denver apartment remodeling for current property owners. Local commercial construction company, Stonebridge Builders, has been in business of Multifamily remodeling and Multifamily renovations and new construction for over 15 years. When considering a new purchase of a multi-family property or renovating an existing one, or a build from the ground up, contact Stonebridge Builders, the number one Denver commercial construction company, the top expert Multifamily renovations and Apartment remodeling.