According to Yardi Matrix, under normal circumstances, interest for apartments is high during March, with rental prices expected to increase. This is the first time since 2016 that we see a deceleration from February to March, as the national average rent in March went up by 2.9 percent Y-o-Y, a hard drop compared to February’s 3.2 percent rise.
Here are the highlights for the Denver Metro Area:
- Rent prices in Denver ($1,693) are not in line with the national trend. The average rate went up by 3.6% Y-o-Y in March, an increase compared to February’s 3.1%.
- Wheat Ridge ($1,361) saw the highest yearly increase in the area, going up by 6.1% since last March. This means new tenants would pay an extra $78 for rent.
- Out of the 16 cities we analyzed, prices dropped in only one of them. The average rent in Castle Rock ($1,542) went down by 1.6% ($25) since last March.
- The priciest city to rent in remains Highlands Ranch, with an average of $1,749. Rents in Denver ($1,693) and Centennial ($1,676) come in next.
- The most budget-friendly apartments can be found in Northglenn, where the average rate is $1,360. The city is followed by Wheat Ridge ($1,361) and Aurora ($1,368).
To read the full Denver Metro rent report click here
