Anyone driving through the Denver downtown can see big things are happening. Cranes dot the skyline and residential construction is booming. The drive to move back to the urban core is growing and surprisingly, it is partly being fueled by a new generation that seeks the active lifestyle and amenities only downtown can offer. Enter the Millennials...
Who Are the Millennials?
This cohort is generally defined as young adults ages 25-34. Also called “Generation Y”or the "Global Generation", this group tends to be more civically and socially minded. Many are foregoing the traditional path of suburb living and moving to where the action and jobs are in the urban core. This trend is being played out all over the nation as this niche begins their exodus.
The Lure of the Big City
Employment, entrepreneurial start-ups and lifestyle are just a few reasons this group is shunning the suburbs for the big city. According to a recent story in the Denver Business Journal, Denver is one of the top 10 cities in America attracting the millennial generation. As one of the top start-up regions in the country with an above average rate of pay, Millennials with college degrees are coming to the city to begin careers and enjoy the Denver lifestyle. With a large number of small businesses and start-ups there are plenty of opportunities for success.
Rental Prices Continue to Rise
Of course this influx of new residents takes its toll on the rental market in Denver. As the city struggles to keep up with the demand building projects are popping up all over downtown. Unfortunately, until the new units are ready, rent prices continue to rise and many new residents are forced to have multiple roommates just to make ends meet.
Millennial Real Estate Investors
Fortunately, many in this generation have an opportunity to invest in the area they call home. As rental rates continue to climb mortgage and load payments can sometimes be less than the rental rates in the most sought after neighborhoods. As more Gen Y’ers move to the area, these properties have also become lucrative rental properties allowing Millennials to generate income and live in the bustling and booming area.
Have Fun and Enjoy Life
The urban core has become the new land of opportunity for a generation that is forging a new path to success. As lifelong Denver residents we are pleased to see the revitalization of downtown and the influx of new people dedicated to the continual rebuilding of the great Denver area. If you are tired of paying high rent and are looking for the best loft and condo properties in Denver please call us at 303-991-9878 or contact us. Now, let’s get out and have some fun!