Rent Prices Down In Denver Metro Area, Amenities Offered
DENVER (CBS4)- There is good news for those looking to rent in the Denver metro area: rent prices are down. And even better, some places are offering free amenities to lure renters.
According to the Denver metro area Apartment Vacancy and Rent survey published this week, average rents were down in the Denver metro area for the fourth quarter of 2018.
This number is getting extra attention from industry experts who point out that the cost of single-family housing and condominiums are up, while rents are decreasing.
According to the report, a total of 50,793 new apartments have been built in the metro area over the past five years. This new constructing is adding to the vacancy rate and that is pushing overall prices lower.
It's also having another affect. With apartment complexes competing for renters, they are not only offering one month to six weeks of free rent, but the fight is on in the amenity battle.
Country Club Towers in Denver's Wash Park neighborhood won the Apartment Association of Metro Denver's Award for Most Outstanding Amenities Package.
"It's everything I need all in one building," said Laurie Warish who moved into the Country Club Towers in Denver's Wash Park neighborhood when they were brand new about a 1½ years ago.
"There's so much that you have to do when you own your own home, a lot of upkeep, here I don't have to worry about anything. I have everything that I need."
The focus in the battle to attract and keep renters has been amenities.
"We have a car wash, we have a pet wash, we have the steam room, the spa, the gym, the bar, the shuttle; a lot," said Hannah Lewellyn, Manager of Business Development for Country Club Towers.
Located next to the kitchen with a personal chef and a free photo booth a full-service bar opened last year.
"People use it a lot like a hotel bar. You're having friends over, but you don't want them up in your apartment; let's just meet in the bar."
As great as the amenities are, Hannah knows they have to keep innovating to stay in the game, and that is good for renters.
"It's exciting where we are at, but I think the biggest goal and the biggest hope is that here in a few months, we have the newest, craziest thing."
While a cornerstone of the American Dream has long been homeownership, the study reveals that for 87 percent of counties in Colorado, it's cheaper to rent than own a home.
