How COVID-19 Has Affected the Housing Market in Denver

Covid 19 has affected the way we live, especially in the health economy sector. Denver is one of the areas that has felt its impact largely. Especially in the real estate industry. In this guide, I will share several ways how this pandemic has affected the Denver housing market. Let’s get started.

Introduction of Zoning Principles in Companies and Offices

Before the pandemic, factories were many in residential areas, which resulted in overcrowding. This also made sanitation to be poor because of heavy pollution. Zoning has helped a lot because it has protected people from diseases. Its principles, such as mixed uses and walkable neighborhoods, guarantees access to light and air, hence promoting health and welfare in overcrowded areas.

Introduction of Local Emergency Powers or Rules

When the pandemic hit the world, almost every country shut down all non-essential businesses and activities. Even though such steps were lawful, they affected the commercial real estate market significantly. Authorities made rules without following legislative procedures.

Public Land Use Meetings Have Gone Online

Before the pandemic, some meetings that involved local government bodies were kept open to the public. But to stop the spread of Covid 19, such meetings have been switched to electronic way. They are held online. Online meetings are run differently because parties who participated in the public land meetings cannot decide to make the body raise their concerns. Nowadays, some regulations have been put in place to allow parties to remotely participate in the public meeting.

Working from Home

Even though there were still a few people who worked from home in the United States, the number increased significantly after the pandemic.  The government urged children, workers, and non-working adults to work from home to curb the spread of this pandemic and maintain social distance. Working at home limits people from going to offices. Some office spaces were also closed therefore affecting the real estate housing market tremendously in Denver. Even though this pandemic has transformed the housing market, there is still hope of getting things normalized. The real estate industry will benefit a lot at that time because businesses and office spaces will be open for rental again.

Change in Housing Trends

When work at home orders was lifted, the housing market, home prices, and similar transactions went down quickly. People moved from urban areas to suburban and rural areas. This migration from apartments affected the housing industry significantly. Even though this pandemic forced people to move to rural areas, the job market flocked in such areas. The housing prices became affordable as well.

Moving into a New Place? Have These Resources Handy

Most of us grew up with a list of important phone numbers taped to the refrigerator. A lot of people still keep important resources in a visible place. But with people moving more now than ever before, some of us forget to update these lists. Figuring out the important places close to your new space – things like emergency rooms, grocery stores, and post offices – takes a lot of time. Moving, whether to a new city, neighborhood, or street, requires a lot of learning.

If you’ve recently moved to a new spot in Denver, it’s important to compile your list of resources soon after you move in. Keep information on these important places somewhere obvious, like on the refrigerator or in a specific cabinet. You never know when you’ll need to access them.

  1. Emergency services. 9-1-1 is easy to remember, but what about Streets and Sanitation? Or Animal Control? You never know when you’ll need to call somebody about a rogue bear or racoon, so keeping these phone numbers on hand can help when you’re not sure what to do.
  2. The closest hospital. This is a top priority for a few reasons. If you experience a medical emergency, you don’t want to spend time Googling the nearest hospital before calling an Uber. Instead, you should have a good idea of where it is, how far away it is, and the services they offer, like an emergency room. If you’re moving to Denver from a different city or state, consider your nearest hospital when looking for a new primary care provider.

  3. The closest urgent care center. Not all medical emergencies require a visit to the hospital. When something happens that doesn’t quite rise to the level of needing the emergency room, your nearby urgent care center is an essential resource. This is a great place to visit for things like sprains, strains, stitches, flu-like symptoms, and fever, among others. Many urgent care centers also have family practices and specialized services, so consider these locations when searching for medical providers.

  4. The closest grocery store. Knowing the nearest grocery store is great for everyday grocery runs and last-minute ingredient pick-ups. This is an especially important detail for folks who don’t drive. If you do all your grocery runs on foot, you’ll want to figure out the easiest route to the local store. You don’t necessarily need to keep their phone number on their refrigerator, but this is an important detail for people who have recently moved.
  5. The closest gas station. If you drive a car, as many in the Denver area do, it is crucial to know the nearest gas station – as well as which gas stations in the area have the lowest prices. If you like to drive your car all the way down to the E, having something close by is important for when you need to fill up without driving too far.

Rent or Own: New Strategies Needed for Affordable Denver Housing

Over the last few years, Denver has become one of the least affordable metro areas in the country. While home prices in particular have grabbed headlines for their meteoric rise, rents have also gone up, up, up. Guidelines for how much income you’re supposed to spend on rent or a mortgage don’t really mean anything if there’s simply nothing available in that range. Whether they rent or own, more and more people are house-poor by necessity rather than choice. These dual charts for home values and rent prices from CNN Money offer a great visual aid to understand how stark and how recent this change has been.


Potential Resources for Denver Households

The Denver Office of Economic Development provides funding and assistance for a variety of affordable housing programs. Several of these programs operate behind the scenes in partnership between the public sector and private developers/lenders.

  • In contrast, a new two-year pilot program, LIVE Denver makes it even easier to qualify for and access financial assistance to lower your rent. LIVE stands for the Lower Income Voucher Equity program. The quick and easy explanation for this program is that it’s meant to address the oversupply of luxury apartments that have dominated real estate development over the last 5-8 years especially. To qualify, individuals need to make between $23,500 and $47,000 a year and a family of four must be between $33,500 to $67,000.
  • As part of the LIVE Denver program, participants are able to set a portion of their rent aside to use as a down payment on a house. Finding ways to reduce the cost barriers to homeownership is another important component to making housing more affordable overall. First-time home buyer programs are available to many. There is also momentum toward reducing the ancillary costs of buying or selling a home in Denver with lower real estate commission fees.
  • Embrace a minimalist lifestyle and look to maximize every square foot of your home. Tiny houses and micro apartments may still be a relatively small segment of the rental and housing markets, but the popular trend toward McMansions, never as strong in Denver as other areas of the country, seems to have stalled and may even be reversing itself. Check out this feature article from the Denver Post about how other people have made a tiny Denver apartment unit work for them.
  • More than a few tentative living arrangements for boomerang kids have morphed into full-blown multi-generational households. New analysis from the Pew Research Center shows a record 64 million Americans living in multi-generational households and approaching levels not seen since the 1950s as a percentage of total households. Adult children who have graduated from college with considerable student debt and comparatively modest income earnings can’t solve their financial troubles in a single year. Their aging parents, meanwhile, are eyeing ways to get to their retirement earlier, while still protecting a nest egg for their children.


Learning from Other Cities and Staying Ahead of the Curves

The silver lining is that city and county officials have been tracking the situation in Denver as well as what is happening in other cities that have been dealing with unaffordable housing costs for several years. When people struggle to afford their housing costs, they have less to spend on other things, they have to travel farther for work increasing traffic congestion, and they’re more likely to move to a city with a lower cost of living. Due to higher labor wages and higher rent for their commercial leases, business costs and consumer prices may also jump as a result. There are no perfect solutions, but it’s also a problem that can’t be ignored without risking serious imbalance to the local economy.


Rent an Apartment for Your Ski Trip—or for the Entire Season

More than just the typical week-long ski trip, there is a huge and expanding market for season-long ski apartment rentals in and around Denver’s Front Range. Work/ski vacations may be the best idea for people in the right circumstances. Of course, the most common and natural fit is the seasonal employee of the ski resorts themselves. Looking to ski a ton, while making a little money on the side, many young employees are looking to score a low-rent apartment that will accommodate them during the ski season. There is also a growing number of young adults who have fully bought into the Gig Economy with work they can take with them anywhere. Finding an affordable apartment to rent for the ski season can create the opportunity of a lifetime in terms of skiing a ton without abandoning the job.


Beware of Trying to Run a Scam

Some people look to rent an apartment for the entire ski season with the intent of subletting the place on Airbnb. Generally speaking, this is going to be a mistake. Property owners and cities are wising up. There are city ordinances in many places around the Colorado Front Range that prohibit this type of activity. Property owners too are more aware than ever of people signing a no-sublet lease and then renting out the place at a profit, anyway.

Depending on exactly where and who you’re renting from, this can be a fruitful enterprise, but we wouldn’t recommend it as your main apartment-hunting strategy. At the very least, we strongly urge you to research the local housing ordinances and to be honest with the owner of the property.


How Much Does a Short-Term Apartment Rental Cost?

As a short-term renter, you can expect to pay a little more than the average rent price for an apartment in Denver, though still considerably less than a hotel or weekly lodging solution, but never mind all this….Rather than focus on the city-wide industry-based price average, really the first to know is….location, location, location. There are two distinctly different types of rental locations: Denver’s Front Range vs. ski resort towns.

For people coming into Colorado from out of state, finding an apartment to rent in Denver for the ski season still offers plenty of access to the ski slopes. They can work during the week and head into the mountains most weekends, while canvassing most of the big-name Colorado ski areas. In contrast, many Denver locals look to rent an apartment for the entire ski season as a way of getting away from city life, or maybe as a life transition, abandoning their current city apartment rental, while watching to see what happens with the local housing market.


Location+Season = Price

Here’s the key insight for estimating the cost and understanding what makes for a good deal on apartment rentals during the winter: Location and season have unique combinations in the winter. Because summer is the peak season for moving and traveling, short-term apartment rentals are often available at a discount during the winter. In Denver, the conventional wisdom about saving on apartment rentals in the winter holds true.

But in the mountains, as you might expect, ski resort towns flip this wisdom upside-down. Renting a luxury apartment for an entire season in a prime spot (with ski-in/ski-out access but still centrally-located) at a world-class resort, well there’s no easily quotable average price for this type of rental. While you can search the big-name online vendors (Airbnb, etc.), you can sometimes find a better price by looking at local websites dedicated solely to individual ski resort communities. Here’s a great example if you’re interested in renting a Vail apartment that you can rent by the month and renew through the ski season.


Getting Insider Tips and Access

Matt Myers is the owner of Colorado Ski Authority, a website resource that connects out-of-town ski enthusiasts with local lift ticket discounts. Here is what he had to say about how to rent an apartment for the ski season.

“It can certainly be a tempting idea to move to a ski town or close to a ski town so that you can ski a ton. It just doesn’t usually work out that way. Or rather, it’s not what you think. If you work for a ski resort, then you aren’t skiing when the lifts are open. The same is often true even if you don’t work for a resort but live close to one.

“While Denver is close to Summit County, it can still be a minimum of 90 minutes one way to ski, with a little less to Loveland, Eldora, and sometimes ABasin. And if you work a regular job (during the week), then you are only hitting the hills during their busiest days, which increases lines at the resorts and traffic on the roads.

“So how do you win? Assuming you are a true ski bum, meaning that you don’t have a regular career or true sustainable source of income, you need to think about weekend work or night work, and this usually means food and beverage. If you can bartend in the mountains, you’re golden. There are many who tend all night, get up and ski, sleep a little in the afternoon, and then back to the bar. Same for managers, waitstaff, and hostesses. Some of the best skiers up there are serving you food and drink somewhere.

“This is true in Denver or in a mountain town, you will just pay different people. Mountain towns will charge more rent, but you’ll use less gas. Opposite is true (mostly) in Denver. There are more jobs in Denver, so you can likely find something to tailor to your needs that will last beyond the ski season.

“You can make it work, but you have to hustle.”

How Many Spare Rooms are There in Denver—and How Do We Use Them?

According to analysis from John Burns Real Estate Consulting, there about 442,000 homes with a spare bedroom, more than half of the roughly 725,000 owner-occupied homes in Denver. Now, not all these spare bedrooms are rental-ready, but there are more of them than you might expect. As part of a much-needed solution for more affordable Denver housing rentals, these spare bedrooms are getting used more frequently. But, arguably, not fast enough. Perhaps even more importantly, What’s more, how they’re getting used may be even more important to the overall effect on the local rental market.


Senior and Long-Term Residents

Part of the analysis from John Burns Real Estate Consulting is an estimated 142,000 spare bedrooms are in homes owned by retirees. Many of these retirees are finding greater financial security, while also being able to stay in their homes, by renting out their spare bedroom. Often to someone who’s looking for a cheaper alternative to a one-bedroom apartment. (Spare bedrooms are often about half the price of an apartment.)

While trying to make long-term homeownership more affordable for seniors, the Colorado Homestead Exemption also indirectly incentivizes seniors staying in homes that are larger than necessary. The exemption allows adults over age 65 who have lived in their homes for 10 consecutive years to have their property taxes cut in half. But if they want to downsize and move homes, they lose this exemption. In fact, in some cases, a senior may stay in one of these homes for the tax exemption, even as he or she can no longer access the entire second floor of the home.

In terms of how to best use Denver’s spare bedrooms, this is what we call the low-hanging fruit.


AirBnB and Short-Term Rentals

The other big outlet and upswing for using spare bedrooms in the home is Airbnb. Even with new restrictions and regulations, which themselves seem likely to be tweaked in the future, many people are generating supplemental income by turning their spare bedrooms into Airbnb and other short-term rentals. In fact, if you live in a Denver metro area city where only owner-occupied homes are allowed to market short-term rentals, your spare bedroom might fetch more per night than you suppose. Of course, the more spare rooms that are used for short-term rentals, the fewer options for longer-term renters.

Even with the breakneck pace of new apartment construction, we need more approaches to fully address the lack of affordable housing in Denver. Renting out the supply of spare bedrooms has to at least be part of the conversation. Both in terms of increasing the practice, but also incentivizing rental practices that are likely to have the best impact on housing costs.


Apartment Construction Accelerates in Denver, as Rest of Nation Slows Down

As reported in the Denver Post, the national supply of new apartment units is expected to drop 11 percent in 2018, which would end a six-year run of accelerating apartment construction. Even so, Denver is poised to buck this national trend. And not just by a little bit, either. What’s different about Denver? The economy, stupid. The primary reason developers cited for the apartment construction slowdown nationally was concerns about increasing interest rates and the economy more generally. Real estate developers and investors think Denver and the Denver housing market in particular is positioned better than most to weather a downturn in economic conditions.


What Do the Numbers Say?

According to Rent Café, the Denver market will have added more apartments units in the first 6 months of the year than it did in all of 2017. The city is projected to experience the biggest percentage jump in new apartments in the entire country. RealPage, another apartment rental industry source says, in terms of actual housing units added, Denver is third just behind Dallas and New York City. It’s further projected that “one out of every 23 new apartments added in the country this year will be in metro Denver.”

Crazy stuff. And great news if you’re looking a rental apartment. You’ll likely find more newer apartment buildings and more vacancies than you would in previous years. Of course, given Denver’s incredible population growth, this construction is needed just to start to catch up with a housing shortage that’s been many years in the making.


Will the Construction Have an Impact on Prices?

More on this front, the next question becomes will this increase in supply finally be enough to put a check on apartment rentals and housing costs in general? Maybe! Rents continued to rise through the first half of the year, but have largely flattened this fall according to Apartment List’s Denver Rent Report. Whether this is a blip on an otherwise upward trajectory, or signals a longer term trend toward greater affordability is dependent on a number of factors that are above our pay-grade.


The Advantages and Drawbacks of Renting a Furnished Apartment in Denver

Moving into a new space requires a lot of consideration. You’ll need to figure out where to live, how many bedrooms you want, and how much you can afford. However, you should also consider the furnishing status of your next apartment. Many buildings in Denver offer furnished accommodations, which might be a great option for Denver transplants and first-time renters.


Furnished Apartments Offer the Greatest Possible Flexibility

When you rent a furnished apartment, you are freed from the burden of accumulating and moving belongings. Some people feel comfortable with owning their own furniture, whereas others—young people, those who plan to move again, and individuals who don’t spend much time at home—find large items to be a burden. Furnished apartments provide maximum flexibility. Maybe you’re moving to Denver and immediately starting a new job. This might not allow you the time to move or purchase the furniture you need. Similarly, you might only be in Denver for a year-long contract, or perhaps a short graduate degree. In not accumulating stuff, you’ll be able to move in and leave without accruing the heavy costs associated with moving large items.


Maybe You Save Money, But You Definitely Save Time

Additionally, renting a furnished apartment eliminates the need for residents to purchase furniture upon arrival. If you don’t have the time or resources to purchase a bed immediately upon moving, you’ll experience extreme stress and discomfort. Renting a pre-furnished space will allow you to move right into a place and begin living—rather than spending weeks or months accumulating, purchasing, and arranging your own belongings. It’s also easy to search for furnished apartments by using an online apartment search tool with advanced search capabilities that include furnished units.

If you still want an apartment to feel like your own, you can add decorations on top of the included furnishings. By hanging pictures, decorating end tables, and displaying your favorite tchotchkes on the coffee table, the space will feel like it belongs to you—but you’ll still save money and increase your mobility.


Know the Drawbacks Before Making a Final Decision

As with most living situations, there are also a few drawbacks to renting furnished apartments. If you already have some pieces of furniture, you may not be able to fit them into the space. In this case, you will need to get rid of it or find a storage solution. Additionally, your rent is likely to be slightly higher than an unfurnished apartment. Furnished apartments are often in luxury buildings, and the rental company needs to pay for the furniture somehow.

Regardless, if you’re quickly moving to Denver or only expect to be around for a year or two, renting a furnished space is an excellent way to save labor costs—both physically and monetarily. Don’t immediately rule out this option, as it may be the easiest and most cost-effective for your situation.

Popular Denver Neighborhoods

Like most American cities, dozens of neighborhoods comprise the City of Denver. Less discreet than Chicago but more noticeable than Seattle, Denver’s neighborhoods have a flair all their own. If you’re new to the city or looking for a change of pace, finding the right neighborhood can put you on the path to domestic bliss. You might be looking for a family-friendly neighborhood, somewhere close to nightlife, or a more art-centered area—no matter what you’re looking for, Denver has it. Here are some of the most popular neighborhoods in this beautiful city.


Cherry Creek

Just five minutes from downtown Denver, Cherry Creek includes an upscale shopping center, world-class boutiques, galleries, and restaurants, and charming, tree-lined streets. The neighborhood has an excellent farmers’ market, countless parks, and access to the Cherry Creek Trail, which connects downtown Denver to Parker. This upscale Denver neighborhood is perfect for residents with cash to spend and a penchant for the luxurious.

Capitol Hill

This neighborhood has been ranked as one of the top 10 most beautiful in the country—and we’re not surprised. The area features historic mansions, modern condos, the Denver Botanic Gardens, and several art museums. The community is as diverse as it is engaged, making this a popular spot for millennials and the LGBT scene. Capitol Hill also sits at the center of Denver’s local punk scene, boasting concert venues and hosting multiple cultural events each week.

Greenwood Village

Though not an official neighborhood, the suburb of Greenwood Village is a nature-lover’s dream. With nearly 200 acres of parks, 40 miles of trails, and over 250 acres of undeveloped space, this town is one of the most desirable communities in the Denver metropolitan area. Perfect for young families, Greenwood Village is equipped with top-rated public schools and family-friendly amenities. Plus, residents are just a quick drive from downtown Denver.


Hilltop is, well, at the top of a hill. The name comes from its higher elevation, but needing to walk up a hill on your commute home shouldn’t dissuade you from living here. The neighborhood houses Cranmer Park, which features 23 acres of open space. Residents enjoy local neighborhood amenities, relatively affordable living spaces, and dozens of boutique cafés and restaurants perfect for staging that next Instagram picture.

Congress Park

This quiet, established neighborhood has everything—easy access to Downtown Denver, a selection of boutique shops, cozy restaurants, and a quaint park. Congress Park is also walking distance to the Denver Botanic Gardens, making this the ultimate accessible Denver neighborhood.


Renting a Studio Apartment Has Advantages—Particularly for Denver Residents

If you’re new to Denver or moving within the city, you’re likely considering a vast range of living options. Maybe you’re searching for roommates on Craigslist, or perhaps you’re trying to finagle a way to afford living in your favorite neighborhood. If you’re looking to save money, retain your personal space, and live in a great neighborhood, a studio apartment may be the way to go. See below for the evidence that studios are a perfect fit for Denver residents.


  • It will provide an excuse to get out and explore. Denver residents are always outside—and we mean As a result, the size and space available in your home might not matter as much as in, say, Chicago or L.A. You’ll be spending weekends on the trail or out with friends. Studio apartments provide just enough space to comfortably lounge, but after a few days, you might be more compelled to leave your safe space. To that end, if you’re more of a homebody and want to branch out of your comfort zone, a studio apartment will provide the push you need to get outside.
  • Having your own space is important. While living in Denver, it can feel as though groups of friends and coworkers stick together more often than not. Maybe it’s a result of needing multiple people to safely hike or climb. Maybe it’s just that Denver’s nightlife and food scenes are too good to experience alone. Regardless, you’ll find yourself longing for a bit more privacy after a weekend spent backcountry exploring with a group of friends. Having a studio apartment is the best way to guarantee privacy while saving money. Sure, you could probably save a few bucks every month to split a two- or three-bedroom with friends, but having people around while at home can begin to feel claustrophobic.
  • You’ll have better-quality finishes. Studio apartments allow tenants to get the most bang for their buck. For the less money than one might spend on a one-bedroom apartment, you can get a similar amount of space and nicer finishes. This means better kitchen appliances, a nicer bathroom, and small details, such as faucets, lighting fixtures, and amenities. You’ll be able to live luxuriously without breaking the bank—something important for a relatively expensive city.


You’ll be able to live in your favorite neighborhood. A neighborhood can make or break your Denver living experience. If you’re in the wrong place for your interests, you might not experience the city to its fullest potential. Unfortunately, some of Denver’s neighborhoods can be quite pricey. Renting a studio apartment is a great way to live in your favorite part of the city without blowing your budget. Plus, you’ll spend too much time having fun in the neighborhood to notice the smallness of your living space.


What You Should Know Before Moving to Denver

If you’re about to become a Denver transplant, congratulations! You’re moving to one of the world’s best, most adventurous cities. However, the initial move may come as a bit of a shock; Denver has a culture and flair all its own, and new residents may be surprised by the idiosyncrasies of this small city. If you’re beginning to set the wheels in motion on your move to the Centennial State, here are a few things to know—to get you excited, but to ensure you’re prepared for when the day arrives.


  • The Denver lifestyle comes from geography. In Denver, you’ll be hard-pressed to find a person who doesn’t enjoy the mountains and nearby nature. Appreciation for the city’s location is one of the defining features of the Denver lifestyle. Popular pastimes include everything from hiking and running to backcountry camping and skiing. You’ll also find a variety of local foods and beers inspired by the surrounding flora and fauna. If you’ve never been a fan of chilis, it’s time to acquaint yourself with Hatch and Pueblo chilis—prominently featured additions on menus throughout the area.
  • Speaking of food, the restaurant scene won’t let you down. The Denver food scene is underrated. This city has world-class restaurants, regional chains, and unforgettable gastropubs. You’ll never have to visit the same restaurant twice (though you might want to). Plus, don’t even get us started about the craft beer scene—its legendary.
  • Each neighborhood has a distinct personality. Denver is truly a city of neighborhoods. Each enclave has its own personality and vibe, so be sure to do your research before moving to the Mile-High City. When selecting a neighborhood, consider your budget and work location, but pay attention to hobbies, lifestyle, and priorities. Do you want to be close to downtown? Cherry Creek is a great option. Interested in the local music scene? Capitol Hill might be the neighborhood for you.
  • The mountains provide a root for the city. Denver is 5,280 feet above sea level, but the snow-capped peaks in the distance are even higher. For many of the city’s residents, the mountains are more than a scenic backdrop; they are deeply integrated into daily life. Workplaces might take advantage of the scenery by sponsoring company 5Ks, and some might even fund ski trips to one of the area’s six ski resorts. From mountain biking and hiking to skiing and rafting, these mountains serve an importance more than providing pretty scenery.
  • It’s sunny. All the time. Denver residents love recreation because they have easy access and unlimited options. They also love recreation because the weather here is spectacular. Denver receives an average of 300 sunny days every year—far more than any other city in this part of the country. Grab your sunglasses, slather on some sunscreen, and head out into the mountains to make some new friends.