Rent is up in Denver — but not as much as in Colorado Springs

August 08, 2016 / Posted in Denver, Downtown, Real Estate

Boulder and Denver tie for most expensive median two-bedroom apartment rent at $1,800

PUBLISHED:

Metro Denver rents continued to rise in July, climbing 0.2 percent from the month before and increasing 3.2 percent from July of 2015. But the increase seems tiny compared to the run up in Colorado Springs, where rents are up 10.4 percent from last year, according to Apartment List.

Colorado Springs rents jumped the most in the nation, with Seattle, up 8.4 percent, Reno, Nev., rising 8.3, and Vancouver, Wash., at 8.2 percent, not too far behind.

In this June 29, 2016 photo, new apartment buildings line a street in trendy downtown Denver.
In this June 29, 2016 photo, new apartment buildings line a street in trendy downtown Denver.

Nationwide, median rent was up 2.1 percent. The national median is $1,300 for a two-bedroom apartment and $1,120 for a one-bedroom apartment.

Apartment List reports rent prices monthly, using data collected from listings on its website for one-bedroom and two-bedroom apartments during specific time periods. Listings include apartment developers offering rent concessions.

Although rents continue to grow in Denver, the rate of growth is slightly slower than earlier in the year. Median rent prices grew 0.2 percent between June and July, whereas it grew 0.3 percent between May and June.

Denver ties Boulder for the most expensive rent in the metro area where two-bedroom apartments in both cities have a median price of $1,800. The median cost for a one-bedroom apartment in Denver is $1,330, which is lower than Boulder’s $1,450. Rents in the northern city grew by 0.3 percent between June and July and 2.5 percent over the year.

LoDo is the most expensive Denver neighborhood, where a two-bedroom apartment runs $3,300 or about 83 percent more than the metro median. The median LoDo one-bedroom is $1,450. Highland is the second most expensive neighborhood, where renters can expect to pay $2,390 for a two-bedroom and $1,740 for a one-bedroom.

Despite Colorado Springs massive growth in rent, the median cost for a two-bedroom apartment is $1,300. The median cost of a one-bedroom in Colorado Springs is $1,120.

http://www.denverpost.com/2016/08/01/denver-colorado-springs-rent/