Rents Losing Steam, says Colorado Rent Report
With 2019’s rental season well underway, apartment prices across the country are starting to lose steam. In Colorado, only two out of the 22 cities analyzed (Parker and Colorado Springs) saw MoM growth of more than 1 percent, according to Rent Café’s National Rent Report.
- The national average rent reached $1,469 in July, up by 3.4% ($48) year-over-year, and 0.2% ($3) month-over-month, according to data from Yardi Matrix.
- The average rent in Colorado cities is generally higher than the national average rent.
- Denver rents reached $1,671 in July – that’s an extra $66 added to the average rent since last year. In Colorado Springs ($1,183), renters signing a lease this summer would pay $70 more on average compared to July 2018.
- Of the 22 large cities analyzed, none saw rents decline YoY. The slowest growing rents were recorded in Castle Rock ($1,586) and Broomfield ($1,608), where apartment prices increased by $21 and $28 respectively.
- At the other end of the spectrum, Highlands Ranch ($1,780) and Boulder ($1,983) are in the lead in terms of rent growth with significant price gains since last year, $115 and $95 respectively.
- Parker ($1,604) and Colorado Springs ($1,183) were the only cities where rents inched up more than 1% MoM.
Check out the rents in Colorado here: https://www.rentcafe.com/blog/