The average rent for a 2-bedroom apartment in Denver is just under $1,800.
And rent prices in Denver only seem to be going up.
There is a market in this country that’s pretty unpredictable in terms of rent: Denver. Online, you’ll see all sorts of prices for apartments of all different sizes. When you’re trying to move and hunting for affordable housing in this area, it’s hard to find which ones are reasonable, and none of those numbers may feel very promising.
What’s the basis for comparison? What is the average apartment rent in Denver, CO, that locals usually pay? Here, you’ll find some of the most relevant statistics that can help you figure out what is a cheap, or at the very least what is a more affordable, apartment.
Image source: Apartment List
What is the average rent in Denver, Colorado?
- The average rent in the Denver metro area is $1,968 per month.
- What if you only rent a small loft or plan to have a roommate? According to the Living Wage Index, one local adult will need to spend about $7,200 per year per adult on housing (which works out to be $600 per month). For a single parent with two children, those costs increase to about $960 per month. (Note that this is for not only Denver but the wider Denver-Aurora-Broomfield metro area.)
- Denver rent prices will obviously also depend on the size of the apartment. Rent is an average of $1,256 for a one-bedroom apartment and $1,689 per month for an apartment with two rooms.
- Home values in general are high, at about $333,500.
- The average condo value as of 2015 was $200,700.
- Within the city, you can get vastly different accommodations for the same or similar price. Study the neighborhoods you want to rent in. The most expensive are the Golden Triangle and Lower Downtown Denver (or LoDo), which have an average rent price of $2,275 and $2,150 per month respectively.
Image source: Apartment List
How does Denver compare?
- Housing in general is 23 percent more expensive than the national average.
- It’s 30 percent more than the housing costs of Phoenix and 34 percent more than Salt Lake City, but it’s 11 percent less than the housing prices of Portland, for example.
- If you want to feel better about renting in Denver, CO, just compare it to New York City: The Big Apple is 105 percent more expensive.
Are prices increasing for apartments?
- Denver rent prices are increasing at a rate of 7 percent per year, which is well above the national average of 2.6 percent per year.
- Parts of the city are increasing faster than others. In Bear Valley, the rent appreciation was an incredible 16.7 percent! Nearby Glendale rose at a rate of 21.4 percent.
- The average rent in Denver has dipped a little bit due to a sudden increase in vacancy rates. But instead of resulting in a sudden crash, after the increase, the market continued to pick up. The rental vacancy rate going up is likely a good thing, though, since as of March 2015, it was only 4.1 percent in the Denver-Aurora-Lakewood area.
- Rent may be rising, but it’s certainly outpaced by rising home values. Some seem to be anticipating a sudden fall in rent prices, whereas others are anticipating a massive increase.