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.
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
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
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