Finding accommodation in Denver is one of the major challenges facing new arrivals in the city. With the growth of new job opportunities in Denver, the city has become a popular destination for both people from abroad and those from elsewhere in the USA.
Due to this increase in new arrivals, the demand for property has risen and although there is lots of new housing being built in Denver, supply is unable to keep up with the ever-increasing demand. As a result, both property prices and rental rates are progressively increasing.
Despite this trend, however, expats will still find that both the cost of accommodation and the general cost of living in Denver is far lower than in many major US cities such as New York, San Francisco, Boston and Chicago.
Types of accommodation in Denver
There are a range of different housing options available in Denver. From luxury apartments and condominiums in the city centre to larger ranch-style family homes in the suburbs. There truly is something to suit any expat’s requirements.
However, those moving to Denver need to be somewhat flexible when house-hunting as they will find that their choices will be limited by the lack of supply in property in the city. Whether renting or buying, expats will need to act fast if they want to secure a home in the city, and being flexible on one's requirements will make it easier to find a suitable place.
Generally, most expats want to live in metropolitan Denver and they have to pay a premium for the privilege of living close the city’s major attractions and facilities. Exploring areas and suburbs of Denver that are a little further afield will give expats more choice and better value for money.
Renting accommodation in Denver
The majority of expats relocating to Denver opt to rent rather than buy a home, at least initially. However, people are finding it very difficult to find suitable rental properties in Denver at present.
The internet is usually a good starting point in one’s accommodation search, though many of the properties advertised online get snapped up very quickly. Hiring a real estate agent can be useful in getting a jump on the competition and is particularly useful if expats aren't sure of what areas will best suit their needs.
The first step in the rental process is filling out a rental application form. This isn't the same as a rental agreement. The landlord will use this application to determine whether the prospective tenant meets their requirements.
The rental application form will typically ask information like references, identity numbers, credit card information, sources of income and monthly disposable income. These questions may vary depending on the landlord.
The landlord will then ask for permission to perform a background check which includes checking the prospective tenant's credit score and criminal history.
When handing in the completed application form, the applicant will be charged an application screening fee. This fee is meant to cover the costs of obtaining a credit report and verifying the information that was given in the application. It is the applicant's responsibility to check what these fees are before applying as fees may vary.
It is the norm for landlords in Denver to ask for a security deposit to be put down. The amount for a security deposit varies widely depending on the type of rental and the monthly rental fee.
The standard sum for security deposits is no more than one month's rent. However, if a tenant has a bad credit score, the deposit could be as high as two months' rent. Tenants with pets may also be asked to pay a higher security deposit.
Prospective tenants may also be charged a holding deposit while they're busy with the application process.
A six-month or one-year rental lease is typical when renting in Denver. However, with the market being as competitive as it is, tenants may want to consider staying in the apartment they've found for as long as possible.
In some cases, estate agents and landlords may suggest signing a two- or three-year lease. In this case, new arrivals shouldn't be afraid to negotiate a discount on the rent. Signing a long-term lease not only benefits the tenant; it also benefits the landlord.
Regardless of whether expats are looking to buy or rent property in Denver, it's important to factor in the cost of setting up utilities and paying the necessary bills.
Those renting property in Denver should consult the conditions of their lease to find out more about their utility payments. In most cases, landlords assume responsibility for setting up utilities like gas, electricity and water and tenants deal with optional extras such as telephone lines, internet and cable television packages. Those buying property in Denver will have to arrange for utilities to be set up themselves.
Waste management and recycling
Residents moving into their new home can visit the city of Denver's official website to find out about the trash and recycling schedule in their area. Residents can also sign up for recycling services on the same website.
There are no fees charged for trash or recycling services provided by Denver Solid Waste Management. Residents have the option to also join the composting collection service which is a fee-based program.
Buying property in Denver
Expats looking at putting down roots and buying property in Denver will find that the city's housing market, much like its rental market, is incredibly competitive. First-time buyers are finding it especially tough to get their foot in the door.
One of the best things expats buying property can do is get pre-approval on a home loan. Expats need to take the time to organise their supporting documents and prove that they are legally employed in Denver. Having pre-approval will give expat buyers an advantage and increase the likelihood of one’s offer being accepted over others.
Expats are also advised to enlist the services of a real estate agent to assist them in finding a suitable property in Denver. This will give access to a wider pool of potential properties, some of which have not even been publically advertised yet.
►Visas for the USA provides essential information on what expats need to do before moving to Denver
Are you an expat living in Denver?
Expat Arrivals is looking for locals to contribute to this guide, and answer forum questions from others planning their move to Denver. Please contact us if you'd like to contribute.
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