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Talk to any Denver renter, and you’ll likely hear horror stories about their soaring rent prices over the past few years. It’s for good reason. Compared to this time last year, rents in Denver have risen dramatically. Currently, the year-over-year rent price increase stands at a steep 16.5%.
After this year of rent growth, median rents for Denver apartments currently stand at $1,468 for a one-bedroom apartment and $1,798 for a two-bedroom apartment.
Surprisingly, Denver’s rent growth over the past year is below the national average of 17.8%. While Denverites certainly feel the impact of rising rents, other cities are experiencing worse.
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Although renters are flocking to Denver, the areas surrounding the Mile High City are following the trend of rising rent prices. Along with Denver’s 16.5%, here is how year-over-year rent increases are looking across Denver suburbs.
There are many reasons for Denver’s increasing rent prices. Of course, the city has overgrown in popularity over the past decade. The rise of remote work can also factor in the rising prices. Remote work may be one reason Denver sees a heavy influx of renters moving into the area from out of town. The top three sources of out-of-metro renters looking to make out-of-state moves into Denver apartments come from Dallas, Atlanta, and New York. 45% of Denver apartment searches come from renters living outside of the area.
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On the other hand, Denver renters are looking to move out of the city and relocate to nearby Colorado destinations. Of the top 50 largest cities across the country, Denver has the 9th highest share of outbound searches to a different metro. The top three destinations for Denver renters looking to move away are Colorado Springs, Kansas City, and Boulder.
