Business

WTF: Metro Denver Rents Are Going Down and Up at the Same Time

WTF: Metro Denver Rents Are Going Down and Up at the Same Time
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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


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Michael Roberts has written for Westword since October 1990, serving stints as music editor and media columnist. He currently covers everything from breaking news and politics to sports and stories that defy categorization.
Contact: Michael Roberts