Rents in Denver Increase 3.1% YoY. Wheat Ridge Prices See Strong Growth
RENTCafé has released its Februa
Nationwide, the housing market was strong in February, but, amid the COVID-19 pandemic, some changes are likely to appear.
“We haven’t seen the impact of the COVID-19 pandemic in official data yet. The economy still stands to benefit from ultraslow rates. Homeowners are refinancing while renters are seeing normalized rent growth, which reduces their monthly payments and allows them to spend in other areas,” said Doug Ressler, manager of Business Intelligence at Yardi Matrix,
Here are the highlights:
- The average rate in Denver reached $1,674 in February, after an annual increase of 3.1%, or $51. Apartment prices grew at a steady pace in Aurora ($1,350), after a yearly rise of 1.7%. In Lakewood, rents clocked in at $1,525, after a 4.0% annual growth.
- Apartment prices in Wheat Ridge ($1,350) increased the fastest in the area, going up by 6.6% since last February. Tenants now pay an extra $83 for rent.
- Out of all the cities we analyzed, rents dropped in 3 of them. In Parker ($1,570) and Brighton ($1,476), rents dipped by -0.2%, and -0.7%, respectively. Castle Rock ($1,527) saw the biggest drop in costs – 2.4%, or $37 since last February.
- The priciest city to rent in is Highlands Ranch, with an average rate of $1,729. Rents in Denver ($1,674) and Centennial ($1,657) come in next.
- Renters looking for more affordable apartments in the metro area should consider Northglenn. The average rate in the city is $1,339. The second most affordable apartments for rent are in Aurora ($1,350) and Wheat Ridge ($1,350).
You can see the entire February Rent Report for the Denver Metro Area here: https://www.rentcafe.