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Families Feeling The Pinch Of The High Rent Rate In Denver

DENVER (CBS4) - A new report shows short supply is driving up housing costs in the Denver metro area, and real estate research firm Zillow says residents in Denver can expect to pay almost a third of their income on rent.

It's the ninth highest among large U.S. metro areas. The report also shows rent rates in the Denver area rose 10 percent over the past year alone. The rent is so high some people can barely make ends meet.

One tenant of a motel that was ordered condemned talked to CBS4 about his problem finding an affordable place to live. Bobby Deden was paying $280 a week, but the best deal he could find means he's now paying $100 more.

Deden's cupboard is almost bare. He now lives at the Lucky You Motel in Englewood. His two bedroom apartment with a tiny kitchen rents for $384 a week. He shares it with his wife and a roommate.

Bobby Deden
Bobby Deden's bare cupboards (credit: CBS)

"Anywhere I go within just in the last year, it seems like everything has almost doubled," Deden said.

Deden is a painter. His wife is a cashier and his friend chips in when he can.

"One paycheck ain't going to cover it, plain and simple. And if I didn't have my wife to back me on anything, there's no way I can live," he said.

Ashley Baumgartner, a second grade teacher, shares a one bedroom apartment with her boyfriend in South Denver. Their rent tops $1,300 a month. Individually, a third of their paychecks would cover the rent, but they're still feeling a pinch in their pockets.

"We looked up in like the Highland area and to get this space it was a lot more expensive. So we came south a little bit and got more than we would have there," Baumgartner said.

apartment construction
(credit: CBS)

The big question now is when does all the building around the Denver metro area cause rent to stabilize?

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