Compared to similarly-sized cities, Denver is among the more expensive places to rent, according to a new WalletHub report. However, when it comes to quality of life, Denver is in the top third of cities.
The WalletHub report ranked the best and worst cities to rent in America, using “Rental Market and Affordability” and “Quality of Life” as its metrics. Denver ranked 127th out of 182 cities when it came to “Rental Market and Affordability.” In terms of “Quality of Life,” Denver was ranked 61st. Factoring in both these rankings, Denver was ranked 86th overall in terms of the best cities to rent in America.
Overall, cities with a higher quality of living tend to see higher costs of living, said Teo Nicolais, an instructor at the Harvard Extension School who specializes in real estate.
“Real estate prices reflect the desirability of the land and that’s what we see here,” he said.
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Though some worry that higher housing costs are making Denver less attractive to newcomers, the decision to relocate is not purely financial, Nicolais said. Contrary to the popular narrative, Nicolais said the cost of living is not driving down the attractiveness of Denver — rather, the attractiveness of Denver is driving up the cost of living.
“People are spending a larger percentage of their income on housing, but they are getting much more for their housing dollars,” he said. “They’re getting access to an employment market that is much better.”
