Boulder Switches to a Renter Majority Market; Denver Still Favors Homeownership

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The past decade witnessed a shift in the apartment market. According to a new RentCafé study, renting entered a downward trend in the latter half, going from 111 million renters mid-decade to 107 million by 2019. Despite this shift, 23 large and mid-sized cities transitioned to a renter majority, while homeownership took over 12 cities, after rebounding to almost 213 million owners nationwide.

Boulder officially became a renter majority city this decade, as the number of renters in the city surpassed that of homeowners. However, homeownership is still the most popular housing option in Denver.

Here are the highlights:

  • Boulder’s renter share increased from 48% to 53.2% in the last decade, thanks to a 20% surge in the city’s renter population. A little over 50K of Boulder’s residents are living in rental households.
  • While renting has been gaining popularity in the city, the homeowners’ population declined by 2% in Boulder,  going from over 45K to 44K residents this past decade.
  • The Mile-High City continues to be a homeowner majority market, as the share of owner-occupied households went from 53.5% in 2010 to 54.4% by 2019. In the past decade, Denver added almost 73K owners and 51K renters.
  • Colorado Springs follows the same trend as Denver. The share of owner-occupied households increased from 61% to 63%. The city added almost 41K owners this past decade, thanks to a 16% increase in its homeowner population.
  • Homeownership also remains the norm in Aurora. Its share of owners grew from 59% to 62% in the last 10 years, thanks to a 21% rise in the segment. Currently, over 232K homeowners live in the city.

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