According to RentCafe’s Year-End Report, the 2021 rental season brought fierce competition among apartment-dwellers nationwide, as they faced a rental market pressured by high demand, low-apartment availability and applications with top-notch credit scores.
Known as the poster child for rental competitivity in the Colorado area, Denver ranked 38 among the top 50 most sought-after rental markets in the country, being surpassed by Colorado Springs, which snatched a higher spot — 27.
To pinpoint the most in-demand rental markets of 2021, RentCafé analyzed 105 areas based on occupancy rates, vacancy days, number of renters applying for an available unit, and average credit score.
Here’s how Denver ranks in terms of competitivity:
- On average, it took only 27 days for a vacant apartment in Denver to be rented out. With occupancy rates at 95.4%, prospective renters had limited housing options in this bustling market.
- For every vacant apartment in Denver, there were, on average, 14 renters applying for it.
- Competition between Mile-High renters was not as fierce as in other neighboring markets. In Colorado Springs, there were 15 people applying for one available unit.
- Renters who applied for apartments in Denver had an average credit score of 660. That’s 20 points higher than the national average credit score and a clear indication of the applicants’ financial strength.
- Nationally, occupancy rates reached 95.4%. On average, vacant apartments stayed on the market for 28 and the number of prospective renters applying for one available unit was 14.
This year, Millennial lifestyle renters were a key driving force in the market. Despite earning higher incomes than in 2020, they were forced to rent due to restrictive home prices.
