Strong Rent Growth

Northeast Adams County is expected to experience strong rent growth over the next three years thanks to Denver's construction pipeline finally tapering off, with rent growth moving up towards the long-term average of 3.5% and expected to be an average of 3.3% per year for the next three years. Market rent in Northeast Adams County represents a discount to the metro average, which is one the submarket's strongest demand drivers. After 18,000+ new units delivered across the metro area in 2024 and caused rent growth to turn negative, positive rent growth is returning in a compelling way, with growth expected to eclipse and potentially surpass long-term averages over the next five years.

Remarkable Submarket Fundamentals

The Northeast Adams County submarket boasts remarkable market fundamentals, as evidenced by its impressively low vacancy rate relative to the Denver MSA average, which is the fourth lowest vacancy rate out of 16 submarkets in the metro area. A large number of new deliveries to the Denver market in the last 2 years has caused significant vacancy rate expansion across the metro area, but the Northeast Adams County submarket

was less impacted as a result of its strong fundamentals and relatively less inventory expansion. One of the primary demand drivers for Westminster is its proximity to downtown Denver and Boulder, and its relatively cheaper housing costs, as evidenced by

the average market rent being more than $85/month lower than the Denver MSA average. Impressive fundamentals in the Northeast Adams County submarket will continue to drive demand, growth, and investment.

Rent by Necessity Demographics:

Average HH Income: $70,433

Percentage of Population with a Bachelor's Degree or Higher: 20.9%

Projected Household Growth: 3.4%

Median Age: 36 y/o

Rent vs. Own:

Driven by its significant population and job growth, paired with a high quality of life that attracts transplants from across the country, Colorado has been named one of the country's top performing housing markets. The average sale price of homes in Westminster went up by over 29 percent between 2020 and 2024 and has gone up by 53 percent since 2017. Furthermore, Single-Family, Townhouse, and Condo sales within Westminster in the last 365 days averaged $577,481, creating high barriers to home ownership in the area, where renting at 7299 Newton Street is 67 percent less expensive than buying a home in the area. 7299 Newton Street is surrounded by excellent area demographics that support future rent growth and is well located in Westminster, offering proximity to Boulder and downtown Denver via U.S. Highway 36. As Colorado continues to attract residents seeking high-quality employment opportunities and a live-work-play lifestyle, home ownership will become increasingly unattainable.