Rent Trend: Denver Median Rent
In our National Rent Report, which analyzes rental trends across the top 50 U.S. metro regions each month, Denver placed as the thirteenth most expensive market in the nation, as median one bedroom rents increased 2.4% to $1,320 from March to April, while two bedrooms also increased 0.3% to $1,690.
This trend comes as no surprise, considering the growth of certain underlying metrics. Non-farm employment growth increased 0.2% from February to March, and the number of expected companies hiring for 1Q 2015 to 2Q 2015 increased 23%, according to the Metro Denver Economic Development Corporation.
Rent Trend: Denver Neighborhoods
Looking closer at a neighborhood level, the Golden Triangle had the most expensive rent in Denver at $2,250 for a one bedroom apartment this April. This was 41.2% more expensive than the overall median rent for one bedrooms in Denver. Golden Triangle is home to Denver’s Golden Triangle Museum District, so our data supports Denver residents finding it attractive to live close to the neighborhood’s over 50 galleries, art studios, restaurants, nightclubs, and museums.
Renting a one bedroom apartment in Golden Triangle is 19.8% more expensive than renting a one bedroom apartment in LoDo (lower downtown), the 2nd most expensive neighborhood in Denver. In contrast, the cheapest neighborhood, Goldsmith at $868, is 0.8% cheaper than the second Denver neighborhood, University, at $875.
There is a significant difference in rent between the most expensive and cheapest Denver neighborhoods. Rent in Golden Triangle is 61.4% more expensive than rent in Goldsmith, where rent for a one bedroom apartment is $868. To make another comparison, the median Denver rent at $1,322 is 34.3% more expensive than rent in Goldsmith.
6 Month Rent Trend: 15 Colorado Cities
One bedroom median rent decreased in two of the top 15 Colorado cities we analyzed. Rent in Boulder decreased 10.9% to $1,100 from November to April, and rent in Grand Junction decreased 4.5% to $555 over the past six months.
Most cities in Colorado experienced minimal rent fluctuations over the six month period we analyzed. For example, Pueblo had the same median rent for four consistent months. Pueblo one bedroom median rent remained at $500 from November to February before decreasing to $480 in March, and increasing to $550 in April. Pueblo is home to the 11-day Colorado State Fair that brings half-a-million visitors to the city at the end of summer.
Arvada is the exception to the minimal rent fluctuations, as rent increased at a rate of 12.1%, settling at $990. Arvada is regarded as a commuter town for Denver and Boulder.
Despite the fluctuations, just one city did not have one bedroom median rent fluctuations month over month since November. Median rent in Greeley remained at $730 from November to April.
Colorado Rent Data
Top photo courtesy of Flickr user Sheila Sund.
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