Denver Rents Decelerate in March, First Time Since 2016
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