Denver's hike would be 28.8 percent — and the increases in suburban areas would be even higher.
The June 2021 Rent Report from Apartment List reveals that in May, the most recent month for which data is available, the average rent in Denver proper jumped 2.4 percent. Combined with a 1.8 percent bump from March to April, a 1.3 percent rise from February to March, and a 0.9 percent increase from January to February, that's over a 6.4 percent hike in just four months.
Meanwhile, all the savings that Denver renters enjoyed last year are now gone. As of April, Denver rent was still down 2.1 percent year over year. Now, it's up 1.2 percent.
This graphic shows what's been happening to Denver rent since May 2020, around the time shutdown orders related to COVID-19 were lifted:
See the comparisons here:
During May, Denver's rent didn't climb as quickly as did rent in Aurora and Thornton (up 2.5 percent), Littleton (up 2.6 percent), Lone Tree (up 3.2 percent) or Westminster (up 3.5 percent). Rent in Parker is already up 10.2 percent from this time last year, with Littleton close behind, at 9.7 percent — and there's no end in sight.
The national average rent for a two-bedroom apartment is $1,165 — nearly $500 lower than in Denver. Meanwhile, rents are actually falling year over year in many metro areas, including San Francisco (down 14.3 percent), Seattle (down 9.8 percent) and Washington, D.C. (down 7.8 percent).
If the pandemic suppressed rents in the metro area last year, those days are gone. Given the new record average house sale price in Denver, which just topped $700,000 for the first time ever, those looking for housing in these parts are getting the financial squeeze from every angle imaginable. And if Denver rent keeps going up 2.4 percent every month until June 2022, the situation will only get worse.