eLeasing is committed to keeping you on top of the rental market and changes in the industry. To keep at the top of occupancy for your Apartment or Vacation home you have to be knowledgeable and have a solid game plan. Below is an article from 9news that shows the market in Denver is very strong. Many locations may run the risk of being above the market as peoples needs change. The question Is how do you stay high occupancy even in a bull or bear market? Let our team at eLeasing show you our proven solution despite the market.
High Rent in Denver – Possible issues for companies
It’s no secret that demand for housing in Denver is near an all-time high. With an average of 4,000 people moving to Denver County each month and a shortage of places to buy, competition among renters is fierce — especially among those seeking apartment shares or rooms at under $1,200 a month.
Even so, I never expected the flood of e-mails I received about a room I was renting in Highland after I placed an ad in mid-August. Within four days of the posting, my inbox had swelled to sixty responses. It wasn’t just the quantity of messages that struck me, but the desperate tone of some of them. As one person wrote: “Please, please respond! I haven’t had any luck with Denver’s cutthroat housing situation (I had no idea CO was booming like this!).”
The desperation was confirmed when I met the people who came to look at the room, some of whom were practically begging and ready to thrust a cash deposit at me. In order to be competitive, one woman told me, having cash on hand is the new norm.
Judging from their accounts, this summer might have seen the most brutal rental market ever. With so many respondents to choose from, I was able to find the perfect roommate within a week of posting my ad on Craigslist — something I had never experienced before. And that got me to wondering: Just how bad is it out there?
Statistics fill in part of the picture — Denver’s occupancy rate hovers around 96 percent, according to data firm Axiometrics. But in order to get stories beyond the numbers, I decided to use the very tools that many rental-seekers use, Craigslist and Reddit, and put up a post titled, “How hard is it to find a room in Denver?”
Over the next two weeks, I received more than thirty responses. Here are just some of the horror stories coming out of the rental bloodbath of 2015, grouped by category:
Why is no one responding to my e-mails!?
The most common complaint I heard from rental-seekers concerned the incredibly low response rate to e-mails answering ads. (This wasn’t surprising, since I’d only responded to six out of the sixty queries I’d received about my room.) With so much competition, some people reported that it seemed like a victory to even receive a response — which is only the first hurdle to actually securing a room. Over three weeks, Meghan Anderson said, she’d sent sixteen e-mails and received a single response.
An anonymous tipster detailed a particularly frustrating experience:
“I sent out anywhere from 50-75 inquiries about ‘legitimate’ rooms to be shared. Of those, I probably had about 15 percent EVEN respond, even though I was trying to put a personal touch in the e-mails so they could get an idea of who I am via text. I’m open to the idea of not being as charming as I tell myself…but not that open 😉
“I was looking for October 1st, so I started sending out inquiries [in] early September …. Of those, two gave extensive interviews, both that seemed to like me a lot…evidently not enough, though.
“Here’s the best part: I liked this one place and could have taken it, but I had a meeting in an hour with another roommate/place and planned to see which one was a better fit. By the time I got to the second place that day (within an hour of visiting the first place), I received a text saying the place was taken. Still kicking myself for that one.”