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November 22, 2014

Renters Flock to States With Legal Pot

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Renters Flock to States With Legal Pot

Apparently, legalizing marijuana can do wonders for the rental market.

While Washington, D.C., and New York City remain the top destinations for recent college grads, more renters are flocking to Colorado and Washington state — both of which made it legal to smoke pot starting Jan. 1.

According to rental site Apartment Guide, searches for rental apartments in the dope-friendly states have seen a particular resurgence in the last five months. Properties listed in Colorado saw an increase of 26.27 percent in unique visitors between November 2013 and March 2014 compared to the same time period one year earlier, Apartment Guide reports. Washington saw an increase of 24.51 percent.

Both states bested the increase in searches across all other states, which averaged 19.5 percent.

Voters in Colorado and Washington approved referendums in each state to legalize recreational use of marijuana in November 2012. The legal sale of marijuana in both states began Jan. 1.

Apartment Guide also points out other things that are drawing renters to the two states:

  • Quality of life: Colorado and Washington both landed on the top 10 list for states with the highest well-being in 2013, according to the Gallup-Healthways Well-Being Index. The index measures well-being based on an analysis of life evaluation, emotional health, work environment, physical health, healthy behaviors, and access to basic necessities.
  • Cost of living: The cost of living in both states hovers around the national average, making them relatively affordable places to live. Washington is also one of the few states with no individual income tax, while Colorado has a flat-rate tax.
  • Burgeoning tech scene: Denver, home to IBM, Oracle, and Lockheed Martin, boasts more tech startups per capita than any other U.S. metropolitan area. Seattle, with Amazon and Microsoft anchoring its tech scene, is one of the West Coast’s most important technology hubs.

Source: "Renters Living the High Life in Colorado, Washington," Apartment Guide (April 14, 2014)

Read more:

Marijuana Is Starting to Intersect With Real Estate
Colo. Broker Launches Pot-Friendly Campaign
More Foreclosures Turned Into Indoor Pot Farms