The altitude in Denver isn’t the only thing that’s Mile High, rent prices are right there with it. Although rents in Denver have declined slightly over the past month, the year-over-year trend is staggering.
According to Apartment List, an online apartment rental marketplace, compared to this time last year, rents have risen dramatically by 16.5%. As of now, median rents for Denver apartments are $1,468 for a one-bedroom and $1,798 for a two-bedroom. Shockingly enough, Denver’s rent increases over the past 12 months trail the national average of 17.8%. Rent prices are going up across the country, and Denver is no exception. Even the areas surrounding Denver proper are following the trend. Of the 10 largest cities in the Denver metro, all have seen significant annual rent increases:
Denver is seeing an influx of out-of-town renters move into the city as well, which could be further driving up rent prices. The top three sources of out-of-metro renters looking to move into Denver apartments are coming from Dallas, Atlanta, and New York. In fact, 45% of apartment searches in Denver are coming from renters who are currently living outside of the metro.
On the flip side, Denver renters are looking at destinations within Colorado. Of the top 50 largest cities, Denver has the 9th highest share of outbound searches to a different metro. The top three destinations for Denver renters looking to move away are Colorado Springs, Kansas City, and Boulder.
Graphics courtesy of Apartment List
