Parker

Parker’s apartment rents near top for region

High demand, low supply ramp prices upward

Posted 6/14/17

For three straight months rental prices have increased in Parker, driving the median monthly cost of one-bedroom apartments to $1,360 and two-bedroom units to $1,630, according to a report on the metro Denver region from Zumper, a website used by …

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Parker

Parker’s apartment rents near top for region

High demand, low supply ramp prices upward

Posted

For three straight months rental prices have increased in Parker, driving the median monthly cost of one-bedroom apartments to $1,360 and two-bedroom units to $1,630, according to a report on the metro Denver region from Zumper, a website used by renters to locate apartments nationwide.

The rise represents a 7 percent increase over the past year and a 4.8 percent jump since April. Broomfield ranked first on the list at $1,440 for a one-bedroom unit, while Centennial tied Parker for the second-priciest rental market in May.

Crystal Chen, data analyst with Zumper, said it’s a simple case of supply and demand in a desirable place to live.

“It’s an appealing place to move to … especially for people who want to move to Denver for a job but don’t want to live right in the middle of it all,” Chen said. “There’s an increase in renters who want to move to the area, and that’s higher than the supply.”

Parker Community Development Director John Fussa agreed with Chen’s assessment of Parker’s appeal, and wasn’t surprised by the findings. He added that the demand includes housing options beyond apartments and extends beyond Parker’s borders.

“There’s been what I would call a wave of multi-family housing developments in the Denver metro region,” Fussa said. “We’ve seen an increase in demand in all forms, whether it’s townhomes, paired houses, multi-family rentals or condominiums.”

Close to 2,000 rental units are currently either proposed, approved or under construction in Parker, but Fussa said new projects have reached a plateau.

“Most apartment projects that we know of are already approved or under construction,” he said. Those “projects address the demand we’re seeing for the moment.”

All but two or three projects in the works, such as the Pine Bluffs project recently approved by town council, are primarily market-rate apartments with relatively high rent levels, Fussa said. Others, including the Vantage Point project under construction near the intersection of Parker Road and Cottonwood Drive, will be high-end luxury apartments.

As such, the next issue to address, Fussa said, is providing attainable housing for young families, employees in Parker’s service and retail industries and seniors who want to downsize from houses to smaller living spaces.

“We’re meeting the need for multi-family housing at present,” Fussa said. But “the demand for workforce housing and attainable housing is a continual issue and a challenge for the region and the town.”

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