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As we’ve reported, rent prices have been moderating in Denver and its neighboring communities during recent months, following a long period in which rental costs continued to go up and up and up in the Mile High City’s red-hot housing market. As recently as last month, year-to-year rent increases in Denver were ranked among the highest in the country. So it comes as a shock to discover that two-bedrooms in Denver proper are now more affordable than comparably sized units in eleven other metro-area places.
The data comes from Apartment List’s January 2018 Denver rent report, which notes that this is “the fourth straight month that the city has seen rent decreases, after an increase in August.”
Moreover, Denver’s year-to-year rent growth of 1.6 percent is considerably lower than the state average of 2.7 percent and the national average of 2.8 percent.
Oh, how things have changed. And the improvement in rent prices within the Denver city limits becomes even more striking when compared to neighboring suburbs and towns. As of now, the median price to rent a two-bedroom apartment in Denver is well over $100 lower than the next-cheapest metro spot.
Of course, rent prices differ widely from neighborhood to neighborhood in Denver. But the relative modesty of the average cost remains good news for folks who’ve feared being priced out of the market.
Count down the twelve metro-Denver cities included in the Apartment List report, arrayed from priciest to most affordable. And, yes, that is Denver at number one.
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Number 12: Lone Tree
Median two-bedroom price: $1,920
Month-to-month change: -1.0 percent
Year-to-year change: +0.8 percent
Number 11: Littleton
Median two-bedroom price: $1,820
Month-to-month change: -1.0 percent
Year-to-year change: +2.1 percent
Number 10: Parker
Median two-bedroom price: $1,810
Month-to-month change: -0.9 percent
Year-to-year change: +0.1 percent
Number 9: Thornton
Median two-bedroom price: $1,780
Month-to-month change: -0.8 percent
Year-to-year change: +2.0 percent
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Number 8: Broomfield
Median two-bedroom price: $1,640
Month-to-month change: -0.1 percent
Year-to-year change: +5.9 percent
Number 7 (tie): Brighton
Median two-bedroom price: $1,550
Month-to-month change: -0.2 percent
Year-to-year change: +4.8 percent
Number 7 (tie): Westminster
Median two-bedroom price: $1,550
Month-to-month change: -0.4 percent
Year-to-year change: +3.2 percent
Number 5: Golden
Median two-bedroom price: $1,540
Month-to-month change: +0.6 percent
Year-to-year change: +4.6 percent
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Number 4: Aurora
Median two-bedroom price: $1,520
Month-to-month change: -0.9 percent
Year-to-year change: +4.0 percent
Number 3: Arvada
Median two-bedroom price: $1,500
Month-to-month change: -0.2 percent
Year-to-year change: 3.5 percent
Number 2: Englewood
Median two-bedroom price: $1,490
Month-to-month change: +0.2 percent
Year-to-year change: +0.8 percent
Number 1: Denver
Median two-bedroom price: $1,310
Month-to-month change: -0.7 percent
Year-to-year change: +1.6 percent
