DENVER (KDVR) — Denver remains the sixth fastest-growing city in America. For some folks in the area, it’s getting harder to find a place to rent.
Nationwide, nearly 6% of apartments are vacant, but that goes down to 4% in Colorado and about 5% for the metro area.
“I didn’t have anywhere to go, so I had to agree,” Julia Ioffe, a renter in the metro area, said.
Ioffe found herself struggling with the same problem as lots of others, looking for a place to live in the Denver area. Her monthly rent rose by $600 more than she paid before.
“If it’s six months renewal, then it’s literally 800 more (dollars). If it’s a year, it’s 600 more,” Ioffe said.
“I do work two part-time jobs. I’m a full-time student at this point,” Ioffe said.
Ioffe had no other option but to find a way to make ends meet.
“I also applied for assistance a couple of times,” Ioffe said.
When she found an affordable option of moving in with a roommate, she even found that to be an expensive pursuit.
“I would have to pay $4,990 just to break the lease,” Ioffe said.
Do renters have leverage when negotiating price?
“Vacancy rate’s only 4.7% which is very, very low,” said Andrew Hamrick at the Colorado Apartment Association.
The usual fee to break a lease, Hamrick said, applies to what a renter or property manager might lose for not having a residence occupied. Renters have options when negotiating how much they’ll ultimately pay because the vacancy rate is low.
“I know the lease contract says I owe ‘X,’ but if we’re fighting about this in court, you’re not going to get that much, so let’s you and I horse trade on this,” Hamrick said.
Ioffe reached an agreement with her property manager but said moving out — and not on her own terms — isn’t easy.
“I already made it my home. My kids have a fun bunk bed there. We’ve gotten used to this place. It’s hard to move,” Ioffe said.