Personal trainer Alexander Garbiso owns Mile High Nutrition and Fitness. Alongside his work in the fitness industry, Alexander Garbiso is working toward a new career in real estate. As he pursues this goal, he keeps a watchful eye on market conditions in the Colorado area.
After the housing bubble collapse of 2007, Colorado’s younger residents became increasingly hesitant to purchase property. Many economically insecure millennials chose to continue renting, favoring the low financial risks of that lifestyle. Developers responded, turning away from single-family projects in favor of multifamily developments, such as apartments. These trends continue today, and experts project 10,000 apartment units to be built annually for the next couple of years.
Some analysts are concerned that the influx of multifamily properties constitutes overbuilding. As those reluctant millennials eventually become secure in their careers, they will begin to seek out entry-level homes. This could leave thousands of apartments vacant and potentially lead to further problems in the local real estate market.