Living in Denver can mean hosting your out-of-state friends when they come into town for a vacation or conference.
That can also mean questions about what the real estate market is like and how crazy rents are. Here’s a curated set of figures to help explain Denver real estate right now.
30 to 45 minutes
Prominent Denver developers have said one way to get more affordable housing would be to have a more efficient permitting process. You may have already heard that permit approval takes a long time, but that’s not all. A new city audit found that just submitting a permit in Denver takes 30 to 45 minutes longer than in Aurora, Colorado Springs and San Diego.
Ever wondered how much international buyers stimulate our housing market? A survey from the National Association of Realtors found that Colorado only accounted for 1 percent of foreign real estate buyers from April 2016 to March 2017. At least in terms of residential properties, it seems the answer is not much.
Denver has announced its intent to make 400 vacant apartment units available at affordable prices, and they intend to work with Chipotle to make that possible. That means that Chipotle will probably chip in funds, and in exchange, get some of their employees into the new units. That would make the company the first to participate in such a program.
In a survey of 24,000 renters, Apartment List found that most, 64 percent, want to move from their current metro. Denver renters were slightly less content then, with 66.8 percent wanting to leave the city to settle elsewhere. But among renters who wanted to settle elsewhere, affordability was their biggest concern.
Denver is still building a lot of housing, and that’s more apparent when you put it into context with its historic average and other cities.
A Trulia analysis of census building permits found that if the city continues to build at the same pace as the first half of 2017, it will build 56.2 percent more housing than its historical average. That is the seventh-highest figure among the 84 metropolitan areas they studied.