Denver Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Denver, CO. Currently, the overall median rent in the city stands at $1,771, after rising 0.9% last month. Prices remain down 0.4% year-over-year. Read on to learn more about what’s been happening in the Denver rental market and how it compares to trends throughout the broader Denver metro area and the nation as a whole.

Denver rents are up 0.9% month-over-month and flat year-over-year

The median rent in Denver rose by 0.9% over the course of April, and has now decreased by a total of 0.4% over the past 12 months. Denver’s rent growth over the past year has is similar to both the state (-0.3%) and national averages (-0.8%).

Denver rent growth in 2024 pacing similar last year

Four months into the year, rents in Denver have risen 2.2%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 1.9%.

April rent growth in Denver ranked #25 among large U.S. cities

Denver rents went up 0.9% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #25. Similar monthly rent growth took place in Tacoma, WA (1.0%) and Omaha, NE (0.9%).

Denver is the #24 most expensive large city in the U.S., with a median rent of $1,771

Citywide, the median rent currently stands at $1,567 for a 1-bedroom apartment and $1,952 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,771. That ranks #24 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Denver is 26.9% higher than the national, and is similar to the prices you would find in Long Beach, CA ($1,783) and Scottsdale, AZ ($1,760).

Denver rents are 0.7% lower than the metro-wide median

If we expand our view to the wider Denver metro area, the median rent is $1,783 meaning that the median price in Denver proper ($1,771) is 0.7% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 0.1%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 18 cities in the Denver metro area that are included in our database. Among them, Highlands Ranch is currently the most expensive, with a median rent of $2,328. Wheat Ridge is the metro’s most affordable city, with a median rent of $1,510. The metro's fastest annual rent growth is occurring in Arvada (4.4%) while the slowest is in Golden (-2.9%).

You can also use the map below to explore the latest rent trends in the Denver metropolitan area.