About 30 percent of Denver’s renters are coming to the city from out of town, which is helping drive rent prices upward.
That’s according to real estate company Zillow, which said that Denver ranks fifth in the country for the percentage of renters who come from another city.
Only Nashville, Tennessee (42.2 percent), Raleigh, North Carolina (38.1 percent), San Jose, California (34 percent), and San Francisco (30.9 percent) have higher percentages of renters coming from other cities to rent.
Zillow estimates the Denver rents have risen 3.3 percent in the past year and estimates the median monthly rent in Denver is $2,008.
“Rising rents become even more pronounced in booming markets like Nashville, Portland and Denver, not only because so many people want to move in, but also because so few people want to move away. There aren’t enough rental homes to go around and the rents have nowhere to go but up,” said Svenja Gudell, Zillow chief economist, in a statement.
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