DENVER (CBS4) - Real estate developers are getting creative to meet demand for rent in Denver. The first ever micro-apartments in Denver are set to open this summer and the demand is a mile high.
The old Hotel VQ is now known as Turntable Studios and people are willing to pay big money for a small space because renters say their options are limited. A local developer repurposed the old iconic building into micro-apartments and there's already a waitlist to get in.
Quarters at Turntable Studios might not be the most spacious, but there's an induction cooktop instead of a stove and a convection microwave replaces a full size oven. But as Boutique Apartments' Catherine Davis explained, the 330-square feet micro-apartments are filling up fast. In fact, one-third of the 179 units are already pre-leased -- months in advance.
"Apartments are at such high demand and the pricing is at an all-time high throughout the city. So to offer these at an affordable price where you're getting studios under $1,000 is pretty incredible," Davis said.
According to the Denver Rental Price Monitor, Denver's average rent has risen 9.6 percent in the last year. That's more than three times the rise in rent nationally.
In cents and dollars it means the median monthly rent for a 2-bedroom in Denver is now up to almost $1,400. It's more than full time student Madeline Hebert can afford.
"Most of the places I could afford were dumps … not necessarily places I wanted to live," Hebert said.
Then she looked Turntable Studios where she'll rent a studio for around $900 per month.
"For me the biggest selling point is I'll be able to park my car and ride my bike to school, so I'll save money on gas and all of that," she said.
The cost to rent a micro-apartment ranges from $885-$1,070 per month. Tenants start moving in in August.
LINK: Turntable Studios
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