The 2021 rental season kicked off with a bang, as apartment dwellers across the country rushed to move in the first half of the year, pushing rental applications back to their pre-pandemic level.
According to RENTCafé’s latest report, overall renting activity went up by 13% nationwide compared to the first half of 2020, and two groups of renters are primarily responsible for it – Gen Zs and high-earners, as shown by our analysis of 2.5 million rental applications. Plus, interest in big-city apartments is surging.
Here are the highlights for Denver:
- In the first half of 2021, Denver’s renter activity jumped by 33% compared to last year, a surge driven mainly by apartment dwellers moving to the city.
- The number of renters moving to Denver from somewhere else increased by 47% in the first half of 2021 compared to the same period in 2020. Most of these rental applications were coming from neighboring cities like Aurora, Colorado Springs, and Lakewood.
- Who is behind Denver’s rental activity surge? The most active renter generation, Zoomers, saw a significant increase in applications for apartments—a whopping 80% compared to last year. Gen X (32% jump compared to last year), Boomers (22%), and Millennials (20% change in share) follow behind.
- When it comes to income, in the Mile-High, renters earning over $100K a year accounted for a
significant upsurge compared to how many applied for a rental apartment last year—46%. Those earning an annual $50-75K follow with a 38% rise YoY.
