In recent years, Denver's housing scene has drawn many eyes. It's known for its lively culture and good job opportunities. Denver, Colorado, has a wide selection of places for rent. This article will give clear info on what average rent looks like in Denver.
Right now, Denver's median rent is $1,791. This shows the rent prices are pretty stable and have slightly dropped by 0.8% compared to last year1. This steadiness gives a feeling of confidence to those looking to rent or invest in Denver. Also, rents in Denver went up by 3.3% in the first half of 2024. This matches with the trends seen nationally1. Denver is ranked as the 23rd priciest big city in the USA. Understanding its rent trends is very helpful for people wanting to move there or for real estate experts.
Key Takeaways
- The median rent in Denver, CO, is currently $1,7911.
- Compared to last year, rents have decreased by 0.8%1.
- Rents have increased by 3.3% in the first six months of 20241.
- Denver ranks as the 23rd most expensive large city in the U.S1..
- Denver's median rent is 0.8% lower than the metro-wide average1.
For more details on Denver's rental trends, check out Apartment List.
Introduction to Denver's Rental Market
Denver's rental scene is lively with plenty to offer. Job opportunities, a fun lifestyle, and stunning scenery draw people here. But, the cost of living can be a challenge. It's important for people looking to rent to understand the market. This includes exploring different areas and knowing about the rent prices.
The market has seen some interesting changes. For example, rent in Metro Denver went up slightly to $1,875. The vacancy rate is steady at 5.8%, showing a balance between rental demand and availability2. Also, Denver will see a lot of new homes soon, with 46,000 multi-family units being built this year, plus another 75,000 planned2. These facts shape the rental market.
Living costs in Colorado can vary a lot. Near the University, for instance, rents range from $1,200 to $1,500 for small apartments2. In contrast, Park Hill's rental prices fell by 12%, making the average rent there now $1,3242. Knowing the rent trends by neighborhood is key to finding the right place.
Premium areas like LoDo and Confluence Park have higher rents. Here, costs range from $1,500 for a studio to $3,200 for two bedrooms2. Places like Washington Park and the Golden Triangle also vary in rent. Washington Park's rent increased by 7% to $1,9752. But in the Golden Triangle, you might find a one-bedroom apartment between $900 and $1,5502.
The rental market in Denver is shaped by several factors, like economic growth and more people moving in. Those looking to rent should pay attention to these changes. This will help them find a place that fits their budget and preferences in Denver's dynamic housing scene.
Current Median Rent in Denver
Rental trends in Denver are important for people looking to rent and landlords. These trends show how the rental market is changing.
Monthly and Yearly Trends
In July 2024, the median rent in Denver is $1,791. This price hasn't changed much from the previous month1. Over the past year, rent prices fell slightly by 0.8%. However, they rose 3.3% in the first six months, just like last year1. These changes show the rental market is both unpredictable and stable.
Comparison with National Averages
Denver is among the costlier big cities in the U.S., ranked 23rd1. With median rent at $1,791, it's 26.9% more expensive than the U.S. average1. A 1-bedroom costs $1,584, and a 2-bedroom is $1,974. This shows renting in Denver is pricier than many places in the country1.
Rental growth in Denver follows state and national trends closely. It shares rental patterns with cities like Gilbert, AZ, and Long Beach, CA. This comparison provides insight into Colorado's rent trends over the past year1.
For more info on Denver's rental trends, check this source1.
Factors Influencing Rent Prices in Denver
Rent prices in Denver are shaped by many important factors. Knowing how these elements affect pricing is crucial. They help explain Denver's cost of living and its impact on housing.
Cost of Living
Living in Denver costs more than in many other places. The city's living expenses are 11% higher than the average in the U.S. Housing costs even more, being 36% higher(source)3. This makes it hard for many people to afford living there. However, Denver offers good public transportation and bike paths, making daily life cheaper than in other cities.
Economic Growth
Economic growth is key to understanding rent prices in Denver. The city is a central spot for tech, healthcare, and energy industries. This attracts companies and workers, raising the need for homes. Denver's strong job market also means people have steady incomes. This keeps the demand for rentals high.
Population Influx
More people moving to Denver also drives up rent prices. The city's economy and lifestyle attract a lot of new residents. This increases competition for homes and pushes rents up. With more people, rental properties become harder to find. This leads to higher rent prices. Also, the vacancy rate was 5.6% in the last quarter, the highest in two years4. Understanding this growth is vital for knowing rental trends in Denver.
So, Denver's higher living costs, economic growth, and rising population all impact rent prices. Keeping an eye on these factors shows how Denver's housing market changes.
Rental Price Breakdown by Apartment Type in Denver
It's important to understand how much different apartments cost in Denver. This guide will help renters see what to expect. Prices vary based on the size of the rental unit.
1-Bedroom Apartments
The median rent for a one-bedroom apartment in Denver is around $1,5841. One-bedroom apartments offer a good mix of cost and comfort. They're pricier compared to Colorado Springs, where the average rent is $1,2805. In the larger metro area, Denver's rent is a bit less than the median of $1,8061. If considering other areas, Boulder's one-bedroom rents go for $2,0825.
2-Bedroom Apartments
Two-bedroom apartments in Denver have a median rent of $1,9741. They suit small families or roommates well. Compared to the Denver apartment scene, this shows the city meets various rental needs. Aurora and Englewood have slightly lower rents for two-bedrooms, at $1,796 and $1,774 respectively1. Wheat Ridge offers a more budget-friendly option at $1,557 for a two-bedroom1.
Studio Apartments
Studio apartments are great for young professionals or students. They offer lower costs and efficiency. Studios balance the Denver rental market well. They attract newcomers with their affordability and access to amenities. Studios are a good choice for those who value location over space.
To learn more about Denver's rental trends, visit the Apartment List Rent Report1.
Neighborhood Insights in Denver
Denver is known for its variety of rental options and lively neighborhoods. Each area has its own feel, from the active downtown to calm suburbs. This knowledge helps people looking to rent make better choices.
Downtown Denver
Rent in Downtown Denver changes a lot, showing how lively the area is. For a one-bedroom apartment, the average rent is about $2,705. A two-bedroom goes for roughly $4,4236. This makes it one of the pricier areas but offers lots of amenities and job opportunities.
Suburban Areas
In Denver's suburbs, like Highlands Ranch, the median rent is $2,402. This makes it the priciest in the metro but offers a good lifestyle. It's perfect for those wanting peace and more space1.
Most Affordable Neighborhoods
For renters on a budget, Denver has areas like Wheat Ridge. With a median rent of $1,543, it's the most budget-friendly in Denver metro1. Park Hill is another affordable spot with one-bedroom apartments at $1,325 and two-bedrooms at $1,800. Rental rates here have fallen since the start of 20233. These places offer a great community feeling without costing too much.
Comparative Study: Denver vs. Surrounding Metro Area
Comparing rents in Denver and its suburbs shows some differences. Denver's median rent is $1,791, a bit less than the metro's $1,806. This tells us rents around Denver are nearly 0.8% higher1.
Looking at costs, Highlands Ranch is the priciest place in the metro, at $2,402 for median rent. Wheat Ridge is more wallet-friendly, with a median rent of $1,543. This shows there's a wide range of rents in the Denver area1.
For rent growth, Denver saw a slight dip of -0.8% over the last year. The broader metro area did a tad better, with a -0.4% change1. This means both Denver and its suburbs experienced declines in rent, but Denver's drop was sharper.
When we look at all the cities near Denver, rent changes vary a lot. For example, Golden's rent fell by -3.8%, but Northglenn's rent went up 2.7%1. Such differences highlight why it's crucial to do your homework on rental rates in these areas.
By tapping into resources like the complete house renting guide for Denver, folks looking to rent can smartly explore the market. They can discover what makes each neighborhood unique.
Historical Rent Trends Over the Past Year in Denver
To fully grasp the Denver rent history, we must look at how the rental scene has changed. Denver's median monthly gross residential rent was $1,468 back in 2019. It had a similar gross rent of $1,4717. Knowing these figures helps us understand the changes in rent over the past year and the current state of the market.
Monthly Fluctuations
Last year, Denver's rental market saw significant monthly fluctuations. In June, there was a slight 0.2% increase in median rents. This shows the rental market's ability to change. The first half of the year also saw a 3.3% rise in rents. This suggests that rental prices can vary widely throughout the year. Additionally, about 35.74% of Denver households were renting in 20197. These changes offer insight into Denver's evolving rental landscape.
Year-over-Year Analysis
Looking at the year-over-year trends shows Denver's rental market's unique pattern. Despite monthly rises, there was an overall yearly drop in median rent by 0.8%. This contradiction to the usual monthly increases is eye-opening. It points out why regular checks of the market are vital. In the last decade, Denver's home prices jumped by 104%, reaching $431,000 in 2019. At the same time, average rents went up by 85% from $898 in 2010 to $1,660 in 20197. This significant growth highlights both the volatility and the general upward trend in Denver's rental market.
What’s the Average Rent in Denver, CO?
In Denver, the average rent is $1,791. This ranks the city as the 23rd most expensive in the U.S1.. Rent decreased by 0.8% over the past year, showing stability1. A 1-bedroom apartment costs $1,584 on average, while a 2-bedroom is $1,9741.
When we look at the whole metro area, the average rent is slightly higher, at $1,8061. This suggests the city's growth may not match the entire region's pace.
Between January and June 2024, rent in Denver rose by 3.3%1. This increase mirrors trends from 2023. However, with over 13,000 new rental units added in 2023, the biggest increase since 2017, rents may not climb too sharply8.
This info is vital for a renter's guide to Denver. It compares Denver with cities like Plano, Texas, and Scottsdale, Arizona8.
Overall, Denver's rental market is relatively stable, with minor changes. For those moving to or investing in Denver, this stability is comforting. It paints a detailed picture of living costs in Denver.
Costs Beyond Rent: Additional Living Expenses in Denver
Living in Denver means planning for more than just rent. People must think about utility costs, transportation fees, and the price of goods and services. These can add a lot to your monthly spending.
Utilities
Utility costs in Denver take a big chunk of the budget. The average monthly bill is about $264.57. This is a bit more than the U.S. average which is $253.149. It covers electricity, heating, cooling, water, and trash removal.
The average cost for electricity alone is about $80 a month10. Even though it's higher than the national average, it's a key part of living costs in Denver.
Transportation
Getting around Denver also costs more than in some places. An adult spends nearly $5,000 a year on transport. A family with two adults working and a child might spend over $11,000 yearly10. This includes car insurance, which is $91 monthly, above Colorado's average of $7210.
It's important to keep these transportation costs in mind. They affect how affordable Denver can be.
Goods and Services
Prices for items and services in Denver also impact your budget. They are about 6% higher than the national average. However, groceries are slightly cheaper, being 2% less than the national average10.
For more on managing household budgets and understanding tenant rights, check out the Renter’s Housing Handbook. Knowing these extra costs is crucial for budgeting effectively in Denver.
Conclusion
The Denver rental market insights show interesting information about trends, costs, and what affects rents. In Denver, rental prices are above the U.S. average. Places like Congress Park and Downtown Denver have higher rents because they offer great amenities11. It's important for people to understand these details when they're looking at renting in Denver.
Rent in Denver has gone up by 3.11% over the last year12. When thinking about renting, you should look at the big picture. This includes the average salary in Denver, about $78,000, and living costs, which are 11% more than the U.S. average11. These facts help show if you can afford to rent in Denver.
Denver's rental market is strong and full of chances for landlords to do well. Both renters and property investors should carefully look at everything before deciding. This means getting advice from experts on insurance and financial choices. The Denver housing market is a good starting point for more research. Make sure you're making smart decisions in this lively city.
FAQ
What is the average rent in Denver, CO?
The median rent in Denver as of July 2024 is $1,791. This includes $1,584 for a 1-bedroom and $1,974 for a 2-bedroom apartment.
How do Denver's rental prices compare to the national average?
Denver's rent is about 27% higher than the U.S. average. It ranks as the 23rd most expensive large U.S. city. Living here costs 11% more than the national average, with housing 36% pricier.
What factors influence rent prices in Denver?
Rent prices in Denver are shaped by the cost of living, economic growth, and more people moving in. The city's growing economy and jobs attract newcomers. This demand hikes housing andrental prices.
What are the median rents for different types of apartments in Denver?
The median rent is $1,584 for a 1-bedroom and $1,974 for a 2-bedroom apartment in Denver. Downtown studio apartments start at $1,648.
Are there affordable neighborhoods in Denver?
Yes. Wheat Ridge is one affordable area, with a 2-bedroom rent at $1,557. The suburbs also offer more cost-effective living options.
How does Denver's median rent compare to the surrounding metro area?
Denver's median rent of $1,791 is slightly less than the metro area's $1,806. The city's rent fell by 0.8%, while the metro decreased by 0.4%. Highlands Ranch rents stand at $2,402, compared to Wheat Ridge’s $1,543.
What is the historical trend of rent in Denver over the past year?
Denver experienced a 0.8% drop in rent over the last year. Rent changes were minimal month-to-month, with a 0.2% rise over June and a 3.3% increase six months in.
What additional living expenses should renters in Denver consider?
Expect to pay 14% less for utilities than the national average in Denver. However, transportation and goods and services cost 2% and 6% more, respectively. Grocery prices match the national average.
Why is it important to understand local market dynamics before renting in Denver?
Knowing the local rental market helps renters make smart choices. Understanding trends and economics helps avoid pricey units and spot great deals.
How does the rental market in Denver compare to other similar cities?
Denver's rental trends are on par with states and the nation. It's similar to cities like Gilbert, AZ, and Long Beach, CA.
What advice is available for renters considering moving to Denver?
Before moving, consider Denver's high rents and living costs. Get advice on financial matters or insurance, as costs can vary widely.
Source Links
- Average Rent in Denver, CO & Rent Price Trends - https://www.apartmentlist.com/rent-report/co/denver
- 2024 Rent Trends in Denver - https://denverpropertymanagement.co/why-are-rents-in-denver-are-trending-down-in-2024/
- Will Denver's Rental Rates Drop in 2024? Insights & Trends - https://www.denvermovinggroup.com/general/average-rent-in-denver-2024-insights/
- Denver's rental costs are falling, report says - https://www.thecentersquare.com/colorado/article_3b83174c-9c39-11ed-8e5f-3b600d65576a.html
- The Cost of Living in Denver in 2022 - https://www.rent.com/blog/cost-of-living-in-denver/
- 19 Popular Denver Neighborhoods: Where to Live in Denver in 2024 - https://www.redfin.com/blog/denver-co-neighborhoods/
- Accelerated growth defines Denver’s past decade - Colorado Real Estate Journal - https://crej.com/news/accelerated-growth-defines-denvers-past-decade/
- Rent Slightly Increases in Metro Denver as Spring Nears - https://www.westword.com/news/denver-rent-increase-decrease-update-18850517
- Cost of Living in Colorado [2024] - https://www.apartmentlist.com/renter-life/cost-of-living-in-colorado
- Cost of Living in Denver: What to Include in a Monthly Budget - https://www.krislindahl.com/blog/denver-cost-of-living-guide/
- Cost of Living in Denver, Colorado - https://www.pulte.com/blog/cost-of-living-in-denver
- Rent Crisis Is on the Decline, New Report Finds - https://www.rismedia.com/2024/02/01/rent-crisis-on-decline-report-finds/
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