This bad news is contained in the August rent report from Zumper, which notes that the Denver rate hike is an outlier from a national perspective.
Across the country, one-bedroom rents actually decreased by 0.1 percent from June to July, the most recent month for which data is available — although U.S. rent for both one- and two-bedrooms remains up year over year by about 3 percent.
The story's different in Denver, where one-bedroom rent costs climbed, and climbed a lot, over the same period of time. The June-to-July increase was 4.9 percent.
That's not to say that the price tag in the Mile High tops that of every other community included in the analysis. The average price for a one-bedroom landed at $1,500, which moved Denver up six spots, to the sixteenth position.
That sum is less than half of the $3,500 per month the average one-bedroom is currently going for in San Francisco. Other ultra-steep one-bedroom rents can be found in San Jose ($2,550), Boston ($2,340) and Los Angeles ($2,330).
But if the bottom line is a little less daunting than it seems at first blush, the speed with which one-bedroom rents are rising in Denver suggests that the market correction so many folks have been eagerly anticipating is still a ways off.
Continue to count down the top 25 cities in the Zumper survey, ranked according to the percentage change in one-bedroom rents on a month-to-month basis. As you'll see, more than half of the communities — thirteen, to be precise — showed no rent increase from June to July or saw costs actually go down.