While new homes sales continue to become more prominent in the real estate industry, multifamily developments remain in high demand across the country. As renters leave their apartments to become homeowners, an increasingly large wave of new renters follow behind to take their place in multifamily properties. For developers and other specialists in the multifamily market, Colorado is proving to be one of the most advantageous locations to satisfy this demand.
According to Multifamily Executive, 2015 has thus far been a tremendous success for the apartment industry. Research firm Axiometrics reported a national occupancy rate of 94.6 percent for the month of January and a 5.05 percent increase in rent growth for the month of February, marking the highest rent growth rate in 44 months. Additionally, the first quarter of the year revealed a national growth rate of 4.6 percent and a 44 percent increase in demand compared to early 2014.
Among the Top 10 Rent Growth Markets in the nation, Denver's rent growth rate has steadily continued to climb. Denver was listed as the third highest market for rent growth in January at 11.7 percent, and was ranked as second highest in February at 12.7 percent. For the overall first quarter of the year, Denver was ranked number one in the Top 10 Rent Growth Markets at 10.5 percent, ranking ahead of metro areas including San Francisco, San Jose and Oakland.
With a national occupancy rate of 95.4 percent in the first quarter, developers are struggling to keep up with the flood of renters entering the market and there is an increasing demand for multifamily properties. Because a large majority of these new residences are in the upper price range, there is a particular need for affordable mid-priced properties.
With the rise in occupancy rates and Denver in the lead for rent growth, right now is an excellent time for multifamily developers in the Denver-Boulder area, and J Williams Staffing can serve as your partner for growth! Our candidates undergo a comprehensive screening process so that we can provide your company with the perfect fit for property managers, leasing consultants, office temps or any other real estate professional you might need.
To learn about J Williams Staffing services in the Denver area, contact our Denver office at 303-675-8755 or visit our website.