Renters hoping for relief from soaring prices across the metro area
won't find any in the June 2022 Denver rent report
from Apartment List
, which documents substantial cost increases in the city proper and every nearby community and suburb it tracks, with one notable exception — and it's a surprising one.
The upward trend for rent in Denver has accelerated over recent months, following a period of modest declines. From last November to December, Mile High City rent dropped by 1.1 percent, more than double the 0.4 percent dip from October to November. But the pace slowed in January, when Denver's median rent went down by only 0.2 percent, and since then, there have been four consecutive increases: 0.3 percent in February, 0.6 percent in March, 1.0 percent in April and 1.2 percent in May.
Denver's rent hike of 13.0 percent since this time in 2021 is actually lower than the state average of 14.0 percent and the national average of 15.3 percent. Moreover, the pace of Denver's annual increase was surpassed by that of twelve other nearby communities, ranging from Broomfield (up 13.3 percent) to Englewood (a 17.6 percent leap).
Parker saw the smallest monthly increase — 1.0 percent from April to May — and Arvada matched Denver's 1.2 percent bump. But the other eleven communities saw bigger spikes, from Aurora's 1.3 percent rise to Wheat Ridge's whopping 3.4 percent climb.
In May, median rents for two-bedroom units landed at $1,730 in Denver, compared to $1,760 for Englewood, $1,800 for Golden, $1,900 for Thornton, $1,940 for Littleton, $1,970 for Castle Rock, $2,020 for Westminster, $2,100 for Broomfield, $2,160 for Parker and $2,270 for Lone Tree.
Here's the complete rundown:
Not on this roster is Boulder, the subject of its own Apartment List rent report
. Median Boulder rent spiked 1.1 percent in April, the same increase as in March, but in May, it actually dipped by 0.3 percent.
Apartments in Boulder don't qualify as a bargain; the median for one-bedrooms is $1,537, while two-bedrooms stand at $1,960. But in the current market, this development still qualifies as good news.