Rents in the Mile High City Among the Fastest Rising in the U.S.
DENVER —RentCafé just released their monthly rent report with data compiled from actual rents charged in the 250 largest US cities. Renters are looking at an optimistic start of the rental season. The national average rent in May 2018 was $1,381 per month, up only 2 percent Y-o-Y, marking the weakest annual growth for this time of the year since 2010.
So how does Denver compare to other cities?
According to the study, Denver’s rent climb continues, as rents in the mile-high city have been among the fastest rising in the U.S. for the longest time. Apartments in Denver cost on average $1,566 per month, 4.7 percent more than in 2017. By comparison, Boulder’s average rent is $1,873.
- Renter Mega-Hubs: Overall, prices in 16 out of the 20 cities with the largest numbers of rental apartments climbed faster than the national average. Denver, Orlando, Las Vegas, Los Angeles rents are between 4% and 6% more expensive than one year ago, while rents in Manhattan, Austin, DC, and Chicago are about the same as last May.
- Large cities: Currently boasting the fastest growing rent in the US, Detroit surpasses Las Vegas (5.1%) with an annual rate of 5.3%. Brooklyn (-1.2%) leads the way in the top 5 slowest growing rents, while Baltimore also makes an appearance on this list (0.4%).
- Mid-size cities: Stockton and Tampa see the highest rent increases, 5.6% and 5.5% respectively. Sacramento drops to third place for fastest growing rents, a tie with Kansas City MO (4.9%), while apartment prices in New Orleans post the biggest decrease year-over-year (1.5%).
- Small cities gain momentum as growth in jobs and population draws rent increases. The most significant rent boosts in May were witnessed in Odessa (35.8%) and Midland (35.4%), but also in Yonkers (12.9%), Reno (10.7%) and Hollywood FL (8.5%).