Rents are still climbing in most Denver suburbs, too.
The April 2021 Rent Report from Apartment List reveals that in March, the average rent in Denver jumped 1.3 percent over the previous month; the hike in February had been 0.9 percent. And while rent is still down 4.6 percent from this time last year and the current rise remains well below the pricing trajectory across the country over the same period, the gap is getting smaller: In February, the year-over-year slide was 5.1 percent.
This graphic shows what's been happening to Denver rent since March 2020, when restrictions related to COVID-19 were first put in place:
See the comparisons here:
our November 2020 post on the subject, Rob Warnock, author of Apartment List's "The Suburban Rent Rebound," listed a series of contributing factors, including "the rapid adoption of remote work, increased value of having more space to live and work, and so many people entering the for-sale market."
Such demand contributed to month-over-month rent increases in all nine of the Denver suburbs tracked by Apartment List; last month, just five of the nine saw increases. Still, seven of the nine outlying communities have registered year-over-year price leaps.
Yesterday, HB21-1121, a measure sponsored by representatives Dominique Jackson and Iman Jodeh and Senator Julie Gonzales, passed its third reading in the Colorado House. Known as "Residential Tenancy Procedures," the bill "prohibits residential landlords from increasing rent more than one time in a twelve-month period of tenancy" while extending required notification of eviction procedures from ten to fourteen days. Next stop: the state Senate.
But in the meantime, rent bargains in Denver are becoming increasingly hard to find.