A real estate pro recently argued in this space that renting makes more sense than buying in Denver right now, particularly for newcomers to the area, because an increase in the number of available rental units is finally leading to better deals. But while August rents in many metro communities are actually down from last month, or rising at a more modest pace than during the craziest periods of the past few years, they're still up in almost all parts of metro over this time last year for both one-bedroom and two-bedroom apartments, sometimes by double-digit percentages.
That's the takeaway from Zumper's August 2017 Denver rent report. The site pulled together median rent figures for a dozen Denver area communities and unearthed some positive developments, particularly in the short run. For instance, one-bedroom rent in Littleton is down 4.8 percent from last month, while a two-bedroom in Broomfield will cost you an average of 3.4 percent less than it would have in July.
But on a year-to-year basis, metro rents are still up for all twelve communities tracked when it comes to a one-bedroom, and in ten out of twelve in regard to a two-bedroom, with the other two areas registering as flat. In other words, rents in August 2017 aren't lower than they were in August 2016 anywhere in the greater Denver area.
Continue to see photo-illustrated August data separated into one-bedroom and two-bedroom categories and ranked from the lowest to the highest year-to-year percentage increase.
ONE BEDROOM RENT
Number 12: Centennial
Average one-bedroom rent in August 2017: $1,340
Month-to-month-percentage change: -0.7 percent
Year-to-year-percentage change: 1.8 percent
Number 11: Thornton
Average one-bedroom rent in August 2017: $1,100
Month-to-month-percentage change: 0.9 percent
Year-to-year-percentage change: 1.8 percent
Number 10: Parker
Average one-bedroom rent in August 2017: $1,310
Month-to-month-percentage change: -2.2 percent
Year-to-year-percentage change: 3.1 percent
Number 9: Broomfield
Average one-bedroom rent in August 2017: $1,430
Month-to-month-percentage change: -1.4 percent
Year-to-year-percentage change: 3.6 percent
Number 8: Arvada
Average one-bedroom rent in August 2017: $1,000
Month-to-month-percentage change: 5.3 percent
Year-to-year-percentage change: 4.2 percent
Number 7: Northglenn
Average one-bedroom rent in August 2017: $1,120
Month-to-month-percentage change: 4.7 percent
Year-to-year-percentage change: 5.7 percent
Number 6: Castle Rock
Average one-bedroom rent in August 2017: $1,200
Month-to-month-percentage change: -0.8 percent
Year-to-year-percentage change: 6.2 percent
Number 5: Aurora
Average one-bedroom rent in August 2017: $1,000
Month-to-month-percentage change: 0.0 percent
Year-to-year-percentage change: 6.4 percent
Number 4: Littleton
Average one-bedroom rent in August 2017: $1,180
Month-to-month-percentage change: -4.8 percent
Year-to-year-percentage change: 7.3 percent
Number 3: Denver
Average one-bedroom rent in August 2017: $1,300
Month-to-month-percentage change: 4.8 percent
Year-to-year-percentage change: 8.3 percent
Number 2: Westminster
Average one-bedroom rent in August 2017: $1,250
Month-to-month-percentage change: 1.6 percent
Year-to-year-percentage change: 8.7 percent
Number 1: Lakewood
Average one-bedroom rent in August 2017: $1,100
Month-to-month-percentage change: 0.7 percent
Year-to-year-percentage change: 15.3 percent
TWO BEDROOM RENT
Number 12 (tie): Parker
Average two-bedroom rent in August 2017: $1,600
Month-to-month-percentage change: -2.4 percent
Year-to-year-percentage change: 0.0 percent
Number 12 (tie): Littleton
Average two-bedroom rent in August 2017: $1,610
Month-to-month-percentage change: -1.2 percent
Year-to-year-percentage change: 0.0 percent
Number 10 (tie): Westminster
Average two-bedroom rent in August 2017: $1,390
Month-to-month-percentage change: 2.2 percent
Year-to-year-percentage change: 1.5 percent
Number 10 (tie): Thornton
Average two-bedroom rent in August 2017: $1,390
Month-to-month-percentage change: 5.3 percent
Year-to-year-percentage change: 1.5 percent
Number 8: Lakewood
Average two-bedroom rent in August 2017: $1,410
Month-to-month-percentage change: -2.8 percent
Year-to-year-percentage change: 2.9 percent
Number 7: Centennial
Average two-bedroom rent in August 2017: $1,770
Month-to-month-percentage change: 1.1 percent
Year-to-year-percentage change: 5.4 percent
Number 6 (tie): Broomfield
Average two-bedroom rent in August 2017: $1,700
Month-to-month-percentage change: -3.4 percent
Year-to-year-percentage change: 6.3 percent
Number 6 (tie): Castle Rock
Average two-bedroom rent in August 2017: $1,510
Month-to-month-percentage change: 4.1 percent
Year-to-year-percentage change: 6.3 percent
Number 4: Aurora
Average two-bedroom rent in August 2017: $1,390
Month-to-month-percentage change: 1.5 percent
Year-to-year-percentage change: 6.9 percent
Number 3: Northglenn
Average two-bedroom rent in August 2017: $1,420
Month-to-month-percentage change: 0.0 percent
Year-to-year-percentage change: 10.1 percent
Number 2: Denver
Average two-bedroom rent in August 2017: $1,850
Month-to-month-percentage change: 2.8 percent
Year-to-year-percentage change: 12.1 percent
Number 1: Arvada
Average two-bedroom rent in August 2017: $1,000
Month-to-month-percentage change: 0.0 percent
Year-to-year-percentage change: 12.7 percent