The population on the front range was already projected to double by 2050 and with these trends we will likely be there much sooner.As stated above, Denver is an appreciation market and even before the recent market craze, finding 1% deals in Denver was difficult.

There's definitely less competition in that market segment currently, due to buying trends related to the pandemic which I believe will be short term.

Many of the growth trends that we are seeing in our market are a part of larger longstanding demographic, financial and cultural trends that will continue after the pandemic. 

Regarding areas to look at, whether in the city, suburbs, or NW Indiana, there are of course pockets for each where you can find neighborhoods trending, where you might ride more of an appreciation wave....or neighborhoods that are a little more established and rents already stabilized. 

The strength of the market in my area is working against high ROI purchases, but if that upward trend continues it possibly supports what I have in mind here.

Just a thought, nice way to be in the hottest real estate markets without competing with other investors, and perhaps overpaying/impacting upside, without having to qualify for a mortgage, as well. 

The best bets are made when you see the trends on the ground with your own eyes and make big direct bets i.e you buy a 100 unit complex rather than investing in a REIT:) Then by the time you read it in the news you are well established and already benefiting by the time the followers jump in. 

Why are you trying to come up with creative ways to overpay for houses in the hottest market?

Now, as one of the hottest population migration states in the USA, we've dipped to below 3,500 active single family homes on average for the last month.

And if/when the trend of moving out of the cities reverses you may find rents falling.