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Job Numbers, Rent Rising in Denver

Posted: May. 7th, 2013  |  By Michael Pearse

The cost of rent for apartments and homes in Denver is on the rise and, even with that being the case, no one seems to be moving out due to the price increase. That's because the jobs numbers in Denver are on the rise as well, which is spectacular news for the area's economy.

Job growth and development are sweeping through metro Denver, and as more companies are attracted to the area, apartment operators will benefit from increased tenant demand, according to a market report issued Wednesday by Marcus & Millichap.

The redevelopment of Union Station in downtown Denver is spurring additional construction of residential, office and retail properties in the area, said the commercial-real-estate investment firm.

In its 2013 apartment forecast, Marcus & Millichap said nearly 35,000 jobs will be added in the metro area by the end of 2013, marking year-over-year growth of 2.8 percent. Trade, transportation and utilities, followed by professional and business services, are forecast to lead payroll additions.


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