Democratic National Convention Boosts Rentals

As the Democratic National Convention in Denver quickly approaches, many people are finding it tough to find a hotel room anywhere in the Denver metro area. If you haven’t already secured your lodging and plan to come to Denver during the convention, you may find an alternative.

There are local folks renting out their private residences and leaving town in order to capture the extravagantly high rates available to them. In some cases, per night fees are running up as high as what your monthly mortgage might be. I’ve heard of one-bedroom condos going for $700 to $800 per night and medium sized single-family homes renting for $1400 to $1600 per night.

The convention starts today, so if you’re still working out your plans, you may be behind the eight ball. There are over 50,000 people expected to attend which makes this the largest convention ever in Denver.

Hotels are full in locations as far away as Boulder and Castle Rock. This isn’t typical of other large events such as Olympics, Super Bowls or even the Republican National Convention. What’s different this time is that many attendees are bringing their families.

This reminds me of a trend I saw starting decades ago in Aspen. Many local Aspen-ites will leave during the Thanksgiving and Christmas holiday season and rent their private residence. The rental fees for these holiday weeks is very high, similar to what’s happening in Denver with the Convention.

Perhaps one of the good things to come from this is that all these folks with their families might find the time to spend a little more money, and get a little personal time to explore what our beautiful state has to offer. You think maybe a few of them will consider relocating their families to Colorado?

I know that about 70% of the people I ask tell me that the reason they moved here from other parts of the U.S. is lifestyle. I nave neighbors and friends from all over the country that have all said lifestyle trumped even family to influence them.

We’ll see if this has any impact on the growth cycle Denver’s anticipating. While many parts of Denver show real estate prices are still flat or falling, some are not. Highlands in Northwest Denver is one location that’s warming up again. Louisville and the surrounding towns of Superior, Broomfield and Lafayette will see some positive impact from ConocoPhillips, and of course Boulder is still holding its own.

I hope you made your reservations if you’re attending the Democratic National Convention, if not, perhaps one of the locals can help you out, for a price.

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