The Wall Street Journal reports on the continued rise in rental costs nationwide. Shown in national trending, an average rise of 3.6% in 2014 makes for the fifth consecutive year that cost to rent has jumped due to historically low vacancy levels, creating stronger demand. This is reflected strongly in our Colorado market. As you can see on the “Rising Rental Costs” chart, Denver had the second highest increase in the nation. Kris Hudson of The Wall Street Journal quotes Camden Chairman and Chief executive Ric Campo, who stated, “Denver was one of our strongest markets last year, and so was Raleigh,” and continued on to explain, “It’s a function of the relatively more moderate supply and the strong job growth that happened in those markets.” (Hudson, 2015).
To read the full article on nationwide rental increases, click here.
To see more statistics on the Northern Colorado Market, click here to explore the reports available in my resource section.
Reference:
Hudson, K. (2015). Smaller Cities Led Way in Rent Increases in 2014. The Wall Street Journal. Retrieved from: http://www.wsj.com/articles/smaller-cities-led-way-in-rent-increases-in-2014-1420519636?KEYWORDS=Reis