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Metro Denver Rents Hit New Heights, No End in Sight

Metro Denver Rents Hit New Heights, No End in Sight
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Remember when rent prices in metro Denver finally seemed to be leveling off after a long stretch during which they kept rising amid a housing market that had seemingly reached maximum hotness? That seems like a distant memory now. Indeed, the situation has deteriorated for renters throughout 2018, with increases reaching new peaks each of the last two months. And this month, things are even worse.

One example: Rent for the average two-bedroom apartment in Denver proper leaped up $100 in a month and is now well over $2,000.

The bad news is delivered in Zumper's July 2018 report, which reveals that the median rent in the state of Colorado as a whole for all apartments, no matter the number of bedrooms, was $1,260 — up $36 from the previous month.

Finding a place under that price point in metro Denver can be difficult. Median one-bedrooms in Arvada ($1,100), Northglenn (also $1,100), Aurora ($1,150) and Thornton ($1,240) qualify, but similar layouts in Denver and seven other nearby communities don't. And the least expensive two-bedroom among twelve metro-area bergs is nearly $200 above the $1,260 mark.

Even more concerning: The average rent for a two-bedroom went down in just two of twelve places analyzed by Zumper on a month-to-month basis and just one year over year. In addition, double-digit increases were registered by four metro cities, with the biggest — 15.60 percent — occurring in Denver.

See just how bad things have gotten by counting down the dozen metro-area municipalities, ordered by median price for a two-bedroom apartment.

Metro Denver Rents Hit New Heights, No End in Sight (2)
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Number 12: Northglenn

Median two-bedroom price: $1,440

Month-to-month change: 5.10 percent

Year-to-year change: 1.40 percent

Number 11: Aurora

Median two-bedroom price: $1,470

Month-to-month change: 1.40 percent

Year-to-year change: 7.30 percent

Number 10: Thornton

Median two-bedroom price: $1,510

Month-to-month change: 4.90 percent

Year-to-year change: 14.40 percent

Number 9: Arvada

Median two-bedroom price: $1,520

Month-to-month change: 4.80 percent

Year-to-year change: 7.00 percent

Metro Denver Rents Hit New Heights, No End in Sight (3)
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Number 8: Castle Rock

Median two-bedroom price: $1,503

Month-to-month change: 2.00 percent

Year-to-year change: 5.50 percent

Number 7: Westminster

Median two-bedroom price: $1,560

Month-to-month change: -3.10 percent

Year-to-year change: 14.70 percent
Number 6: Lakewood

Median two-bedroom price: $1,600

Month-to-month change: 3.20 percent

Year-to-year change: 10.30 percent

Number 5: Parker

Median two-bedroom price: $1,620

Month-to-month change: -2.40 percent

Year-to-year change: -1.20 percent

Number 4: Littleton

Median two-bedroom price: $1,700

Month-to-month change: 0.00 percent

Year-to-year change: 4.30 percent

Metro Denver Rents Hit New Heights, No End in Sight (4)
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Number 3: Broomfield

Median two-bedroom price: $1,820

Month-to-month change: 2.20 percent

Year-to-year change: 3.40 percent

Number 2: Centennial

Median two-bedroom price: $2,010

Month-to-month change: 0.00 percent

Year-to-year change: 14.90 percent

Number 1: Denver

Median two-bedroom price: $2,080

Month-to-month change: 5.10 percent

Year-to-year change: 15.60 percent

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