occupancy rates have been at 95.82 for 14 consecutive months
Chicago, IL (PRWEB) May 27, 2014
Peoples Home Equity has been attracted to the Denver real estate market ever since its relatively mild decline during the housing bust of 2008. New data shows that Denver property values and apartment supplies are growing faster than the national average.
According to a recent May 27th publication by Axiometrics, an apartment market research data provider, “Denver has had one of the strongest apartment markets during the recovery period from the Great Recession, with annualized effective rent growth above 6.1% in 43 of the past 44 months.” This is significant when considering that the national growth rate is less than 4%. Meanwhile, occupancy rates have been at 95.82 for 14 consecutive months, with 22 of the past 25 months above the 95% mark.
The latest data from the S&P/CASE-Shiller Denver Home Price Index shows that the value of properties in the city reached life time highs in February 2014. Since S&P/Case-Shiller are lagging indicators, Peoples Home Equity expects the provider to show even higher index readings for March and April since home sales have surged this spring. Perhaps what is most attractive about the Denver market is not how well as has performed during good times, but during the bad times. From a peak of 140.28 in August 2006 to a low of 120.21 in February 2009, the index declined just -14.3%. This is very good when compared to the national index which saw a high of 189.93 in June 2006 to a low of 124.21 in December 2011, a -34.6%. Notice, not only did the Denver market decline less, but the time it took for the market to bottom out was also much less.
Given that the index value was already at lifetime highs in February and apartment occupancy rates are near full in late May, Peoples Home Equity finds Denver an attractive area to purchase a property.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026.