DENVER (KDVR) — Although there is still one day left in March, the latest rent report released by Apartment List shows prices continue to rise.
The monthly cost to live in Denver rose slightly by 0.6% compared to last month but is up 14.7% compared to the same time last year. Apartment List reported rent declined in January but shot back up the past two months.
The site lists the average rent in Denver for a one-bedroom at $1,483, while a two-bedroom will run you $1,817. But as high as it is, Denver isn’t the most expensive city to live in the metro area. Broomfield comes in at a whopping $2,290 per month on average, which is only $440 less than San Francisco’s average.
While the state average is a smidge higher for the year-to-year increase at 15.1%, it’s still lower than the national average which is 2% more.
RentCafe and Yardi Matrix analysts have said rent prices could stabilize after a massive number of new apartments come on the market and the Denver metro could see a decrease as soon as May or June.
“So that’s going to begin to diminish the rates — because of the competitive market rates that are going on — so with more new supply you’ll have more of a competitive advantage from a renter’s perspective, where rents will begin to diminish,” Doug Ressler, manager of business intelligence with Yardi Matrix said.
According to Apartment List’s statistics:
- Parker has seen the fastest rent growth in the metro, with a year-over-year increase of 17.2%. The median two-bedroom there costs $2,139, while one-bedrooms go for $1,887.
- Brighton has the least expensive rents in the Denver metro, with a two-bedroom median of $1,389; rents grew 1.5% over the past month and 9.7% over the past year.
- Broomfield has the most expensive rents of the largest cities in the Denver metro, with a two-bedroom median of $2,293; rents increased 1.8% over the past month and 15.4% over the past year.
Hopefully, with all the new construction, there will be some relief for rent prices living in and around the Mile High City sometime in the near future.