In 2020, the Covid-19 pandemic delayed peak rental season by two months, prompting a slowdown in renter activity and rent drops in the nation’s ten most expensive large cities for renters.
To get a comprehensive overview of this year’s renting trends, Rent Café analyzed 5.8 million renter applications nationwide. While renting activity dropped in more than half of the nation’s largest cities, Denver was among the most stable markets in 2020, going against the national trend. Since last year, the number of rental applications in the Mile-High increased by 11 percent.
Here’s why:
- This increase in rental activity was mostly propelled by more people looking to move to Denver. Since last year, 16% more renters relocated to the Mile-High City, the fourth fastest increase out of all the markets we analyzed.
- Throughout 2020, the city maintained its appeal among its renter residents. This is confirmed by a 14% increase in applications within the city.
- What kind of renters did Denver attract? The Mile-High City was a go-to-place for young professionals with an average age of 28 who earn a median income of $46,164. Compared to last year, the median income of renters moving to Denver dropped by 6% ($48,942).
- Apartment prices in Denver also declined. The average rent reached $1,636 in November, after an annual drop of 2.2%. In 2019, rents averaged at $1,672.
To see how renting changed in other cities across the U.S., read the full report: https://www.rentcafe.
