Thinking about your next big investment in the Mile-High City? This information will be crucial to your decision.
With Denver quickly climbing the ladder among cities with high economic growth, those living in the area are adapting to a metropolitan lifestyle at a lightning-fast pace. If you are an American adult from an urban area, then this information may strike vivid mental imagery of high rise buildings and people enjoying the perks of apartment living.
And you will be absolutely right in your line of thinking.
According to the Colorado Real Estate Journal, Denver is now the proud home to over 264,000 apartment units. With a population that went over 716,000 residents as of 2019, this reported figure tells you just how essential apartments have become to the residents of the Mile-High City.
Quite recently, a survey executed in association with the National Multifamily Housing Council reached out to renters in Denver to get a grasp on what they really want out of their apartment units. The answers will definitely garner your attention.
Cutting Commute Times is a Priority
While 79 percent of the renters highlighted the importance of location in apartment hunting, things got interesting when some of them chose to be more specific about their selection process. According to 39 percent of renters, proximity to the workplace ranks highest on their list of qualifying factors while choosing an apartment building.
Those who hail a ride-sharing service to their workplace were also in favor of ride pickup spots near their apartment building, with 43 percent of respondents supporting this need. This means that if you are about to invest in Denver apartment buildings, choosing multi-family units that are close to commercial areas would be a good choice – and having nearby ride pickup spots would be even better.
Home Office is Preferred
More than 30 percent of renters were quick to mention that they work from home several days a week. This goes right in line with the lifestyle of modern professionals, who either take their work home or work directly from a home office.
Over 50 percent of renters didn’t hesitate to highlight that they would prefer an apartment building with a business center/lounge over one that didn’t boast of such a facility. With that being said, more than 85 percent of renters showed no interest in coworking facilities. With this in mind, make sure that any of your large scale residential investments in the area aren’t focused on being a coworking space but still have business center facilities.
No One Wants to Put Up With Maintenance Issues
Perhaps unsurprisingly, 85 percent of renters mentioned that existing reviews and opinions about an apartment building is a big factor in their decision-making process.
But here’s where it gets interesting. About 49 percent of respondents went out of their way to mention that they wouldn’t just like to see good reviews, but they would prefer the management’s responses to every review or question left on official channels – regardless of the nature of the comment.
To summarize, Denver renters aren’t playing around when it comes to getting stellar services from their apartment management. If you are seriously considering investing in Denver apartment buildings in the future, make sure that your management team is strong enough to handle these demands with ease.
The survey also covered topics such as package locker storage for safety purposes, which got an overwhelming 78 percent of respondents going all in for the idea. The complete details of the survey can be seen here.