Denver metro area apartment rents increase again

No surprise, but apartment rents in Denver went up. That said, the city’s median rental rates are still lower than most of the suburbs.

Apartment List’s June 2018 Denver Rent Report released Friday puts a Denver one-bedroom apartment at a median cost of $1,050 and a two-bedroom at a median of $1,330. While these rates represent a 0.7 percent increase over the past month and a 1.4 percent increase from median prices at the same time last year, Denver’s year-to-year growth still lags behind the national rent increase average of 1.5 percent.

Wheat Ridge, an area that offers older apartments, remains the only metro area that offers lower rents than Denver, with a one-bedroom coming in at a median of $1,020 and a two-bedroom costing $1,290. It also shows a similar month-to-month and annual increase to Denver at 0.6 percent and 1.4 percent respectively.

Parker has the most expensive rents in the metro area, with a two-bedroom median rate of $1,860, but the city has actually seen rents fall overall by 0.1 percent — the largest month-to-month drop in the Denver metro area.

Castle Rock rent increases have been the fastest growing in the metro area, with a year-to-year increase of 6.4 percent. The median one-bedroom costs $1,400 with two-bedrooms going for an average of $1,770.

Thornton and Broomfield, with an increase of 1.2 percent, were among the greatest month-to-month increases in the metro area. According to Apartment List, the median one-bedroom in Thornton is $1,450 and a two-bedroom costs a median of $1,830. Broomfield rents, although showing the same month-to-month increase, are slightly lower at a median cost of $1,340 for a one-bedroom and $1,690 for a two-bedroom, but do reflect a year to year increase of 3.3 percent.

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Arvada and Westminster show a similar monthly increase of 1.3 percent and 1.4 percent respectively. Arvada’s one-bedrooms are at a median of $1,210 while its two-bedroom go for a median of $1,530, representing a 4.6 percent overall year to year increase. In Westminster, rents have increased by 2.6 percent but are on par with Arvada’s monthly rent at $1,250 for a one-bedroom and $1,590 for a two-bedroom.

Brighton rents are up 4.4 percent for the year, but still offer rents on the cheaper side of the metro area, with a one-bedroom coming in at $1,250 and a two-bedroom coming in at $1,590.

The median rent for a one-bedroom apartment in Aurora is $1,220, while two-bedrooms are $1,540. Rents are rising at a 1 percent annual rate.

Despite consistent increases across the metro area, Denver rents still come in lower than such cities as New York, San Francisco and Los Angeles, and remain less expensive than Chicago and San Diego.

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