MultifamilyReports

Denver a More Affordable Tech Hub

A new study suggests that even high-earning technology professionals are having a hard time keeping up with rising rental costs. According to RENTCafe.com study on emerging tech hubs, the most recent BLS data revealed that IT wages in the Denver metro saw a 7.2 percent increase, while rents went up by 9.4 percent. However, Denver’s $1,525 average monthly rent is considerably lower than in other tech hubs such as San Fransisco and San Jose, making Denver an attractive option to call home.

Study highlights:

  • In the country’s tech hot spots rents are rising faster than the income of those working in IT, and Denver is no exception. Techies here earn an average of $99,600, comparable to metros like San Francisco or San Jose. However, Denver’s $1,525 average monthly rent is considerably lower than in the previously mentioned metros.
  • Denver boasts the ninth-largest share of employees in tech occupations on our list of the country’s large IT hubs. iHeartMedia, Home Depot, and Western Union are just some of the companies that helped the metro take the 9th spot in our top.
  • Denver-area saw a significant boost in technology jobs. In just three years (from 2014 to 2017) tech labor force grew 15.1 percent here, marking the ninth-highest IT workforce increase among the national leaders of this sector.
  • The largest metros like San Francisco, San Jose, and Boston continue to have some of the highest rents in the country, despite having slowed down over the past 3 years. On the other hand, rents in Atlanta, Minneapolis, and Seattle metro are rising fast, by 14.4%, 13.4%, and 11.7%, respectively, while IT salaries fail to keep up.

You can read the full report here

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