Denver area renters turn to roommates amid steep prices: 'If we didn't have each other, I really don't know how we would make it'
We all know rent in the Denver metro area is steep, and data shows it's risen nearly 10% going into 2023. As a 22-year-veteran in the real estate industry, April Denmon has seen it first-hand.
Denmon is the owner of Denmon Group and one of the top producers in Colorado. "Being a Denver native, I've seen it go up. I've seen rents have gone up $191 dollars in just one year (last year). I have people that come to me and say, 'My rent is so much and they're seeing mortgage is cheaper than what their rent would be.'"
That's why Denmon says people are finding more creative ways to pay their bills.
"It's insane. Honestly, if we didn't have each other, I really don't know how we would make it," Paradise Bounds told CBS News Colorado's Mekialaya White. She shares a Green Valley Ranch home with fellow renter Daziah Miller.
"I don't think a single person could live in the city. Everyone is shacking up with someone friend family or significant other," Miller said.
The two split everything 50/50, and moved in together after things got tough financially during the pandemic.
"I had a two-bedroom apartment that I was renting out for $1,900 and for me by myself that was a lot with a child. So, it's just been a lot," said Bounds.
Miller had a similar issue. "I lived by myself, and I was paying about $1,500 in rent."
They're also both working professionals, with side hustles. "In addition to being a traffic coordinator, I do hair. I make soaps sometimes. You have to find so many ways just to make a couple of dollars. Like my job is to pay bills and then the other source of income is so I can live life," Bounds said.
"I'm working as a valet manager and doing some other things for a source of income," explained Miller. "I think of it like living in a big city like New York. If you want to make it here, we all have to make those sacrifices."
Denmon echoed, she's also seen this trend. "We have a lot of clients that are doing Uber, Uber Eats, taking on those second jobs, doing nails. Everything is in just such a high demand, so people are having to pay top dollar for everything. I don't have a crystal ball, but we think when rent interest rates, rental rates will come down as well. Just hang on. I feel like a lot of people are in survival mode. You have to just go out there and make it work."
