Denver Metro Rent Declines Are (Mostly) Over

The recent trend of declining rent in most of metro Denver appears to be over.

The March rent report from Apartment List shows prices going up within Denver city limits for the first time since last summer. But the increase is far steeper in two suburbs, and several other outlying communities saw bigger rises than Denver.

Renters in the Mile High City began getting some relief from price hikes in late 2021. From November to December, monthly costs dropped by 1.1. percent — a larger dip than the 0.4 percent slide from October to November. But the pace slowed in January, when Denver rent went down by only 0.2 percent, and in February, the most recent month for which statistics are available, any relief for renters was wiped out by a 0.3 percent rise.

If it's any consolation, the 15.8 percent annual rent growth in Denver is below the national average of 17.6 percent. The following graphic contrasts Denver's rate with those of Colorado and the U.S. as a whole over the past twelve months:
In February, the median price for a one-bedroom apartment in Denver was $1,470, unchanged from January (and December, as well). The two-bedroom median of $1,810 was $10 higher, resulting in the overall 0.3 percent gain.

Still, Denver's two-bedroom rate in February was lower than in seven suburbs. Last month, two-bedroom prices exceeded Denver's in Englewood ($1,830), Littleton and Westminster (both $1,880), Thornton ($1,900), Parker ($2,110), Broomfield ($2,250) and Lone Tree ($2,370).

Denver's 0.3 percent monthly increase was outpaced by Englewood (0.4 percent), Thornton (0.6 percent), Broomfield (0.7 percent), Brighton (0.9 percent) and Littleton (1.3 percent), as well as Parker and Lone Tree, both of which saw a hefty 2.0 percent spike. The only metro areas that experienced rent declines were Aurora and Arvada, which both saw a tiny 0.1 percent drop, and Westminster, a decrease of 0.9 percent.

Here's the complete rundown:
Rent prices tend to moderate in the Denver area during the winter months. But the increase in February, as well as the potential impact of residents displaced by the Marshall fire in Boulder County, also increase concerns of where rent might be headed as the weather warms.