As we've documented (with help from lots of readers), Denver's rent prices are rising at a more rapid clip than most renters would like.
But while one recent survey put Denver among the twelve U.S. cities where rent has gone up the most, RealtyTrac numbers shared by MainStreet.com places Denver among the ten best U.S. cities for millennial renters.
Is there a disconnect? MainStreet's Robert McGarvey notes the contradiction — and offers an explanation for it.
Count down the photo-illustrated list below, featuring excerpts from MainStreet text.. To read the original post, which also lists the five worst cities for renters, click here.
Number 10: Washington, D.C.
Tenth place was nabbed by Washington, D.C.... Average rent is $1,951, which is 34.37% of household income. Millennial population rose 30.40% in the period.
Number 9: Clarksville, Tennessee/Kentucky
In ninth place is a surprise — Clarksville, which straddles Tennessee and Kentucky. The fifth largest city in Tennessee, the population is around 140,000. Here’s the eye-popper: average rent for a three bedroom is $1,035, the lowest on the list....
Number 8: Portland, Oregon
Portland, Ore. and its surrounding towns own eighth place. An average rent of just $1,391 pulls in Millennials. They are up 34.25%, and some 31% of median income goes to rent....
Number 7: Nashville, Tennessee
In seventh place is Davidson County, Tenn. — Nashville to you and me. The C & W hub draws Millennials with an average rent of $1,130, second lowest on the list....
Number 6: Hoboken/Jersey City/Weehawken, New Jersey
Renting in Hudson County, N.J. - directly across from Manhattan, in Hoboken, Jersey City, Weehawken, etc. — runs around 33% of median household income... Millennial population there grew by 35.67% in the 2007 to 2013 period.
Number 5: Manhattan, New York
New York — that is, Manhattan — snares fifth, with an average rent of $1,904 (31.83% of household income) and a 44.95% gain in Millennial population....
Number 4: Denver, Colorado
Denver grabs fourth place, with a 53.32% increase in Millennials. But the average rent — $1,696 - is up 20% year on year, the biggest jump in the top ten and that may augur a cooling off of popularity. But, despite the rent climb, the payment represents just 32.95% of household income, placing Denver squarely in the middle of the affordability pack.
Number 3: San Francisco, California
San Francisco - despite its reputation for pricey real estate — is a surprise third place finisher. Yes, rents are high (average: $2,801, according to RealtyTrac; that’s the highest in the top ten by far) but so are incomes....
Number 2: Arlington, Virginia
Arlington, Va. saw a 78.31% surge in Millennials. Average rent also is $1951. That’s just 22.56% of median household income, making Arlington the most affordable town on the list despite a monthly rent approaching $2,000....
Number 1: Alexandria, Virginia
Alexandria, Va. nabbed first place with a staggering 80.29% growth in Millennials. Fair market rent for a three bedroom is $1,951....
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