Wednesday, September 23, 2020 3:24 pm

Property investors follow millennials to the hot mountain states

Income from rental apartment buildings nearly doubled between 2004 and 2018 in the region

By Konrad Putzier | The Wall Street Journal

Forget Brooklyn and San Francisco. Millennials and plenty of others seeking a lower cost of living are pouring into the Western mountain states, boosting economic growth and pushing up apartment rents.

Income from rental apartment buildings nearly doubled between 2004 and 2018 in the eight mountain states, according to a new report from Trepp LLC. The research data firm looked at properties in Arizona, Colorado, Idaho, Montana, New Mexico, Nevada, Utah and Wyoming.

That is the fastest growth rate of any region in the country. Companies and young professionals have been flocking from West Coast hubs like San Francisco and Seattle to smaller cities like Boise, Idaho, and Boulder, Colo., for years in search of cheaper real estate, lower taxes and nature.

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