By John Frank | Oct 1, 2021 | Axios Denver
Denver is emerging as a test market for an experiment in the way we rent apartments and homes.
State of play: Most of the new options — whether nomadic rentals, co-living arrangements or pairing intergenerational odd couples — are aimed at millennials and Gen Zers who want amenities and a sense of urban community.
Other trends, such as the build-for-rent homes in metro Denver, are investor-driven.
State of play: The local housing market is so costly now that it’s cheaper to rent than buy.
Realtor.com found in July that the median monthly rent was $1,866, nearly 15% lower than a mortgage on a starter home.
What’s more: A recent deluge of apartments in the Denver area — with more on the way — is forcing companies to find new ways to attract attention.
Younger renters have grown accustomed to cushier college dorms and off-campus apartments, so they want to maintain an elevated living arrangement post-grad.
What’s happening: Three interesting new options for renters landed on the Denver market this year.
Flexible living: The option to rent posh apartments by the day, week or longer is the concept behind Landing and Denver-based Sentral. It appeals to a burgeoning population of digital nomads. Landing, which requires a membership fee, tells us that Denver bookings increased 35% in the second quarter of this year compared to the first three months.
Co-living: The 455-unit X Denver opened in June and the Chicago-based company is planning a second location. It offers traditional apartments and fully furnished co-living suites to connect people looking for roommates. The rooftop pool is the eye-catcher, but the location also offers a membership club, co-working spaces and a gym.
Intergenerational: This Odd Couples Housing program recently launched in Denver. It pairs two roommates — typically a younger professional or student with an older person — and offers lower rent. The company gets match fees and uses personality profiles to connect roommates.
What’s next: Beyond apartments, investors are pouring billions into building neighborhoods of rental homes.
In the last six years, 418 build-for-rent homes were completed in the Denver area and another 337 are under construction, according to data cited by the Denver Business Journal.
The latest announcement came earlier this month from Crescent Communities, saying an undersupply in rental housing is driving the push.
