Co-own real estate report: Denver, Colorado

It’s a destination that seems to have everything, from big city amenities to easy mountain access.

What are we talking about? Denver, of course.

Many people are taking notice of Denver. In the last decade alone, the city’s population has grown more than 20 percent. The Denver metro has a population of more than three million people. By 2030, experts predict that the Denver metro will increase to more than 3.6 million.

Denver continues to rake in awards and rankings, too. TODAY declared Denver a top five sought-after destination from July to September 2023. Time Magazine included Denver in its World’s 100 Greatest Places (2021). Travel Pulse named Denver as one of the top three best U.S. destinations. And WalletHub called Denver a top 10 sports city in the U.S.

So, what is all the fuss about? Well, Denver has just about everything. Only a few places in America combine urban and mountain experiences like Denver. Denver has all the restaurants, cafes, shopping, sports, music, and culture any city dweller could hope for. But you don’t have to sacrifice nature, either. Denver has many parks, and 92 percent of Denverites are estimated to live within a 10-minute walk of one of the city’s parks. And within two hours of Denver lies a utopia of beautiful trails, mountains, waterfalls, and Rocky Mountain National Park.

It may be known as the Mile High City, but the list of things to do could stretch a mile, too.

What makes Denver attractive for co-buying

Denver is a perfect place to co-buy for many reasons.

For one, Denver continues to command more tourism interest than ever. According to Visit Denver, 36.3 million visitors came to the city in 2022. That is a 15% increase over 2021 and a new record. These visitors spent more money in Denver than ever, generating $9.4 billion and crushing the 2019 record of $7 billion.

In addition to short-term visitors, the Mile High City continues to be in the midst of a growth spurt. Denver was named the sixth-fastest-growing city in the U.S. Denver is a magnet for professionals working from home. As mentioned above, the growth is expected to continue for the years ahead, giving it a solid reason to co-buy in Denver.

Learn more about some of the latest real estate statistics for Denver below.

-2% median sale price year over year (meaning now is a great time to buy)

85 / 100 or very competitive housing market

$600,000 median home sale price

8 days on the market (on average) before the sale

100.5% sale-to-list price

Short-term rentals in Denver

Short-term rental statistics for Denver include:

80% occupancy rate on Airbnb

$140 average daily rate

$2,083 average monthly revenue on Airbnb (entire home)

79 / 100 rental demand

81% are entire home rentals

$15K - properties with hot tubs average $15K more per year

Denver is an increasingly popular short-term rental (STR) market. STR regulations and requirements vary by city, so please research or consult with local Denver websites for additional information.

What to see in Denver

Red Rocks Park and Amphitheatre

About 15 miles west of Denver lies Red Rocks Park and Ampitheatre, an essential experience in Denver. Rolling Stone named it the #1 hottest music venue in the country in 2023. This open-air theater has drawn musicians from every genre, such as the Beatles, Tom Petty, and John Denver. Whether you’ve visiting to attend a concert, do some yoga, explore the trails, or watch the sunset over the red rocks and city skyline, you’ll be glad you visited.

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Larimer Square

Larimer Square is located on Larimer Street between 14th and 15th and is easily the coolest block in Denver. You can window shop at boutique shops, dine at high-end restaurants, or enjoy a show at Comedy Works. It’s also a great place to get some Insta-worthy moments.

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Union Station

Union Station used to be a historic train station. While it is still a train station, of course, it has transformed into the cultural center of Denver. You can dine at many excellent restaurants, grab a cocktail at the Terminal Bar, or play shuffleboard inside the Union Station lobby.

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Denver Botanic Gardens

If you’re looking for an escape from the hustle and bustle, pencil in the 23-acre Denver Botanic Gardens. It includes various themed gardens, an enclosed conservatory, and a public amphitheater that hosts a summer concert series.

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River North Art District (“RiNo”)

RiNo used to be an industrial hub with warehouses and factories. Now, it has been converted into a hip arts district sporting funky breweries, trendy restaurants, pumping bars, boutique shops, and colorful street art adorning nearly available patches of brick or concrete.

Denver

Nearby cities

• Boulder – 30 minutes
• Fort Collins – 1 hour
• Cheyenne, Wyoming – 1.5 hours
• Aspen – 3.5 hours

Denver co-buy opportunities

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‍4820 W Moncrieff Place, Denver, CO 80264

Asking price: $1,995,000

Estimated down payment: $399,000

Estimated mortgage: $11,511/month

Estimated rental revenue: $8,522/month

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3335 W Clyde Place, Denver, CO 80211

Asking price: $750,000

Estimated down payment: $150,000

Estimated mortgage: $4,328/month

Estimated rental revenue: $6,016/month

2739 W 24th Avenue, Denver, CO 80211

Asking price: $815,000

Estimated down payment: $163,000

Estimated mortgage: $4,703

Estimated rental revenue: $4,444/month

Sources:

Denver Housing Market Data

Denver Vacation and Airbnb Rental Data

Nestment, Inc. does not guarantee and is in no way responsible for the accuracy of information provided in this blog post. All information is provided “AS IS” and with all faults. Data presented here may not reflect all real estate activity in the market.  While the information on this site is about legal and tax issues, it is not intended as legal or tax advice or as a substitute for the particularized advice of your own attorney and tax professional.

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