DENVER — It might not come as a surprise, but people are moving to Colorado at a rapid pace — driving up rent prices in the Denver metro area.
A study from Zillow finds that nearly 30 percent of renters searching for housing in Denver are from another city.
The influx of new residences is driving up the rent prices as more people are considering moving to the city, but not many want to move away.
“Rising rents become even more pronounced in booming markets like Nashville, Portland and Denver, not only because so many people want to move in, but also because so few people want to move away,” Svenja Gudell said. “There aren’t enough rental homes to go around and the rents have nowhere to go but up.”
Zillow said Denver ranks No. 5 on the list of U.S. metro areas with the highest share of renters seeking to move from other cities.
Nashville, Tenn.; Raleigh, N.C.; San Jose, Calif.; and San Francisco are above Denver on the list, according to Zillow.