The September rent report
from Apartment List
reveals that the recent price spikes experienced in much of metro Denver are finally flagging and even falling in several locations — a welcome contrast to the previous month, when costs rose nearly everywhere in the area
Within the Mile High City's limits, rent did go up in August, but only by 0.1 percent — just a sliver of the 0.8 percent hike in July.
From November to December 2021, Denver rent dropped by 1.1 percent. But the decrease lagged in January, when Denver's median rent went down by only 0.2 percent, and then came five consecutive boosts, each one larger than the last: 0.3 percent in February, 0.6 percent in March, 1.0 percent in April, 1.2 percent in May, and 1.5 percent in June. Fortunately, the July boost was much smaller, setting the stage for a more promising August.
Denver's overall rent hike of 6.2 percent since August 2021 is also an improvement; the July to July figure was 8.8 percent. Moreover, the city's current annual increase is below that of both Colorado as a whole (7.3 percent) and the United States generally (10 percent). And only one of the thirteen other metro communities analyzed by Apartment List — including Brighton, a new addition — has had lower rent growth than Denver's from this time last year: Broomfield, at 5.8 percent.
The August rent hikes in the twelve other Denver-area cities ranged from 6.3 percent in Lone Tree to 10.4 percent in Golden. And six saw month-to-month declines: Englewood (-0.1 percent), Castle Rock (-0.4 percent), Lone Tree (-0.5 percent), Littleton (-0.6 percent), Arvada (-0.7 percent) and Brighton (-1.4 percent).
Median rents for two-bedroom units in Denver settled at $1,790 during August, compared to $1,810 in Golden, $1,820 in Englewood, $1,950 in Thornton, $1,970 in Littleton, $2,060 in Castle Rock, $2,130 in Westminster, $2,160 in Broomfield, $2,240 in Parker, and $2,350 in Lone Tree. Only the median two-bedroom rents in Brighton, Wheat Ridge and Aurora were lower than in Denver.
Here's the complete rundown:
Not on this roster is Boulder, the subject of its own Apartment List rent report
— and the latest reports are mixed. Prices there had plateaued in July following a 1.0 percent jump in June, but August's median escalated by 0.8 percent. A one-bedroom in Boulder went for $1,534 on average; the two-bedroom average was $1,955. But Boulder's year-over-year price climb was 6.1 percent, a notch below Denver's.
Oh, what a relief that is.