Rental Market

Numbers to know.

Some Much Needed Relief for Denver Renters

Some good news for Denver renters — the rental market appears to be cooling down a little bit! As we head into our peak rental season expect rental rates to remain close to the same or increase ever so slightly. The exception to this will be sought after, hot neighborhoods where people are willing to pay a premium for a high walk score.

Denver, Colorado Rental Rates Q1 2018

Denver two year look back for median rental rates.

The first quarter started out relatively flat compared to the sharp increase seen at the beginning of 2017. New apartments have steadily been hitting the Denver market, helping to slow the rent increases we’ve been accustomed to. As we get into prime leasing season (May – August) we would expect to see a very slight increase for three and four bedroom units, since new units of this size aren’t being built as frequently as their smaller counterparts. One and two bedroom rent will likely remain flat and could even show a small drop due to the new inventory hitting the market each month.

Denver Median Rental Rates by Bedroom Q1 2018

Median Denver Metro Area Rents ($)

As we look at median rental rates around the metro area, one neighborhood that sticks out is Union Station (LoDo). Why? The 1 year change was -0.9%, mainly due to the increased competition from new rental units hitting the market. The 5-year change was only 1.7% — proof that added density and inventory is what Denver needs to curb rising rents.

View map in larger screen here.

Note: Think of this map as a 30,000 feet view of the rental prices in Denver. You can click on each neighborhood for exact numbers and year-over-year statistics.
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2017 Denver Rental Market Recap

Denver, Colorado Rental Rates 2017

 

2017 ended with a significant increase in rental prices. Rents were up compared to 2016, but the increases are modest compared to the 49% increase from five years ago! The majority of rent growth for 2017 happened in the second half of the year. Are we in for another year of increases or will things stabilize with more inventory hitting the market in the first and second quarter of 2018? Stay tuned…

Median Denver Metro Area Rents ($)

People keep saying rent is expensive in Denver. We have a map to prove it. When you dig into it, median rents are above $1,500 in all but one neighborhood for the fourth quarter. The hot spots shouldn’t be surprising with the exception of Greenwood Village. Denver Tech center living is getting more attractive as well as pricey!

View map in larger screen here. (more…)