DENVER (KDVR) — New research shows renters are starting to eclipse homeowners in many suburban communities across the country, including some here in Colorado.
Census data collected by RENTCafé shows suburban renters grew by 22% nationwide in the last decade alone.
In metro-Denver, we’re just starting to see effects of this trickle into our suburban communities.
According to data scientists at RENTCafé, Wheat Ridge is the number one suburb expected to transition from a homeowner community to a renter community within the next five years.
Research shows in 2019, 47% of Wheat Ridge residents rented their homes.
The data goes on to show the share of renters in Wheat Ridge increased by 13% in the last 10 years alone.
“Wheat Ridge is what I’d call a lower to middle range area that had older properties; 35 years plus. And that’s changing. Look for 2021 into 2022 to begin to see that demographic start to change with the new development,” said Doug Ressler with Yardi.
The data from RENTCafé goes on to show other Denver suburban communities experiencing impressive renter growth, which include: Broomfield with a 45% increase in renter share, followed by Highlands Ranch (34%) and Centennial (33%).
If you’re looking to rent a one bedroom, right now is a good time to do so. Research shows you’ll find some of the lowest rental rates between October and April.
Along the Front Range, the most expensive rent for a one bedroom is in Denver.
The least expensive one-bedroom monthly rental rates for October are in Greeley ($970), Fort Collins ($1,080) and Englewood ($1,100).