For the more than 5,000 undergraduate students who attend Denver University, competing for housing might be their toughest course.
Unlike other Colorado cities described as “college towns,” such as Fort Collins, DU students have to contend with working professionals vying for housing near campus, Downtown Denver and the Denver Tech Center.
Finding a home almost anywhere in Denver is no small feat between rising costs and the influx of new residents from all over the country, but it’s most competitive in trendy areas, such as near DU.
“As the economy started strengthening here in Colorado, particularly in the Denver area, things started getting very competitive,” said Greg Bacheller, co-owner of Real Property Management Colorado. “We’ve had properties over the years where we’ve had 30 or 40 renters lined up to see individual properties.”
As students gear up for another season of real-life house-hunting, DU junior Britta Petersen says her colleagues should keep one thing in mind: compromise. Students might not be able to afford a room with “a lot of natural light and hardwood floors.”
Petersen lives near Washington Park and works three part-time jobs to afford her living expenses -- one on campus as an office assistant, a second as a craft store cashier and another as a nanny. She rents a room from a woman who owns the house they live in.
“I’m from a very small town in Minnesota, and I could afford a whole house in some neighborhoods there for the $725 I pay here in Denver,” Petersen said. “I’m lucky to only have to pay $725. Most of my friends have four roommates and pay about $1,000 (each).”
In the last decade, housing prices have roughly doubled for DU students.
“I remember leasing properties to DU students 10 years ago,” Bacheller said. “It was quite affordable. Students could rent a four-bedroom, three-bathroom house near campus for $1,500 or $1,600 a month. Now, a similar house like that is renting for about $3,000 per month.”
Bacheller and Petersen both say commuting from the nearby cities like Lakewood or Castle Rock might not be the remedy either.
“In the suburbs, we’re seeing prices for rentals go up 6-8 percent every year,” Bacheller said. “In the heart of downtown Denver, there has been so much building that prices are only going up 3-5 percent.”
Peterson described how two of her friends commuted from Castle Rock before landing jobs on campus that provide room and board for them.
“The problem with that is that it makes it harder to do your best in school,” she said. “You can’t go to office hours or study sessions. It’s hard to maintain.”
Other factors, such as minimal credit history, can also make the housing search arduous for students. Many property management companies in Denver have strict requirements renters need to meet or exceed before even being considered as a tenant. Lynette Prosser, owner of Queen City Property Management requires tenants hold a 700 credit score or better, among other requirements. She says prerequisites help to protect her property owners and, many times, students don’t fit the bill.
Most DU undergraduate students live on campus for up to two years and live off-campus in their junior and senior years, school officials said. Specialized university staff help make the transition to off-campus housing easier.
“It’s about managing expectations,” said John Ganzar, assistant director of operations for the Office of Housing and Residential Education at DU. “Denver doesn’t do pre-leasing like in other towns, like Boulder, that tend to revolve around student schedules. Instead, we have an off-campus housing website to help students find a place to live.”
The website, accessible by staff and students, provides information, suggestions and advice to students with regard to budgeting, planning, tenants’ rights and more. Off-campus housing fairs held by the university also help students decide the type of housing that’s right for them. Two fairs were held during the 2017-2018 school year, and the next will be held this fall.
“I’d like to stay in Denver (after graduation),” Petersen said. “But with rent as high as it is, I don’t know if it would be worth it.”
