The Denver area* rental vacancy rate for the first quarter of 2015 was 3.8%. The national average for metropolitan areas for the same quarter was 7%.
In the continuum of care for seniors – from multi-family housing to independent living to assisted living – independent living is the largest and most underserved portion. In one of the tightest rental markets in the United States, low income seniors seeking independent living are at risk of being left behind. For seniors on a waiting list, the current market rent for a 1-bedroom is over $900. Due to the limited availability of affordable housing options, seniors are forced to move out of the community where important city amenities, such as transit options and pedestrian alternatives, are largely unavailable. If the housing crisis is not addressed, there will be fewer resources available for low income seniors, even as this demographic increases.
*Statistical area includes Denver, Aurora and Lakewood
Source: United States Census Bureau