MultifamilyReports

The Denver Neighborhoods with the Highest Rent Increases

The latest report from Rent.com indicates which Denver neighborhoods have the highest monthly rent increases. Statistics include the average monthly rent for a one bedroom in that neighborhood compared to the overall average for Denver, which is currently $1203.

The study reviewed all neighborhoods in Denver with sufficient available inventory on Apartment Guide and Rent.com and compared the average price from May 2018 to May 2019, in order to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices. With four distinct seasons, amazing cultural scene and array of outdoor activities, it’s no surprise that the Mile High City is one of the fastest growing in the country and ranked as the second best in which to live.

The top five neighborhoods with the highest increase are:

5. Berkley

Like other urban areas, rent continues to increase and this city is no different. With a 13.81 percent increase over the past year, renters can expect to pay an average of $1,948 for a one-bedroom apartment. While it’s one of the most expensive Denver neighborhoods, it’s also one of the most lively.

  • Average rent price increase: 13.81%
  • Average 1-BR rental price: $1,948

4. Kennedy

  • Average rent price increase: 15.62%
  • Average 1-BR rental price: $1,216

Kennedy is located just 12 miles from Denver City Center. Following the trend, Kennedy has seen a 15.62 percent increase in rent this year, making the average cost of a one-bedroom apartment $1,216.

3. Washington Park West

  • Average rent price increase: 22.94%
  • Average 1-BR rental price: $1,892

For some, Washington Park West is comparable to Central Park in New York. Complete with two lakes, flower gardens, running trails and endless grass, this area of Denver is highly sought after by renters. In the last year, the average cost of rent is $1,892, which is a 22.94 percent spike compared to last year.

2. Southwest Denver

  • Average rent price increase: 26.18%
  • Average 1-BR rental price: $1,366

With a 26.18 percent annual increase and an average rent of $1,366, the Southwest sector of Denver is frequently sought after and ranks as the second most expensive neighborhood in Denver.

1. Belcaro

  • Average rent price increase: 34.21%
  • Average 1-BR rental price: $2,368

The city was named after former Senator Lawrence Phipps’ 27,00-square-foot Georgian-style mansion, the Belcaro. Surrounded by sprawling parks, tree-lined streets, local boutiques and restaurants, this area of Colorado is a highly-desired place to live.

Belcaro has seen the steepest increase in rent over the last year at 34.21 percent. The average cost of rent for a one-bedroom apartment is $2,368.

 

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