Denver, Colorado continues to be the place to move to. When I moved out to Denver from New York City back in the late 1990s, the town was already showing great signs that it was growing at a huge rate. LODO was booming after the construction of Coors Field and there were hints in the public that the expansion might cover the areas west of downtown such as the Highlands.
Things have changed and I can only image how much so for native Coloradans. While other parts of the country have gone through ups and downs, Colorado continues to boom and no place is a better example than Denver’s housing market.
How big has the Denver housing market grown? Well, not fast enough it seems. People keep moving into Denver at a far faster rate than construction can accommodate the pace. The U.S. Census Bureau estimates that last year, Colorado’s population rose by almost 102,000 people. However, home construction was at about 25,143 new homes.
This problem is felt greater in Denver, where space for new homes is limited and certain neighborhoods maintain covenants preventing new construction of historic homes. While suburbs such as Highlands Ranch and Parker continue to see new construction, there just isn’t as much open space in the Denver city limits. Instead, you can expect to see investors “popping” Denver squares, building duplexes, or purchasing large plots to construct apartments.
Just now, several large apartment buildings are either in construction or being planned in the Highlands and Tennyson areas.
While all of this construction is exciting, as it brings in new people and business to our community, it does come with obstacles. Rents have gone up and while we won’t compete with cities on the East or West Coast, Denver rents are forcing certain people out of the city.
Also, while gentrification brings in younger adults, long-term residents with families are being pushed out. In order to meet the demand for people, residential units are getting smaller.
Those challenges aside, the growth of Denver is an exciting time for residents.
As long as we can survive the never ending traffic jams.