Rising Rents, Apartment Shortage Leads To Competitive Market

DENVER (CBS4)- Rising rents and a severe shortage of apartments have some people struggling to find an affordable place to live in Denver.

Fourteen years ago in 2000 the average one bedroom rental cost $760 a month. Now it's up to $1,100 a month.

To offset the cost more adults are choosing to double up, with more than 27 percent of working aged adults living with roommates.

Apartment buildings are filling up as quickly as a vacancy is listed and builders are scrambling to put up new buildings to meet the demand.

Zia Dotson is a barista who found that her salary didn't get her much in an apartment. Those she could afford were taken before she could see them.

"Even if you book an appointment, if you're 15 minutes late for your appointment they'll give up your spot and they'll show the next person the apartment," said Dotson.

Many apartment managers are demanding a $200 application fee, credit checks and cash deposits up front.

"There were 25 people in and out of there and almost all of them filled out applications," said renter Connor Marvin.

Marvin found a tiny spot in Capitol Hill where his stove is in his living room. But he still feels lucky considering the tight market.

"I think legalizing weed brought a lot of people here and a lot of money being thrown into Denver as a project," said Marvin.

You can't find anything for less than $1,000 and it's up from there," said Carol Luinstra with Apartment Finders International.

She said she's never seen such competition.

"The 70s were tight because there weren't very many apartments in Denver. This is pretty competitive over the last 10 years," said Luinstra.

In addition to doubling and tripling up in apartments, many young renters say they're moving back in with their parents out of necessity and desperation.