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February 2019 Denver Rent Report

Welcome to the February 2019 Denver Rent Report. Denver rents remained steady over the past month. In this report, we'll evaluate trends in the Denver rental market, including comparisons to cities throughout the metro, state, and nation.

View full Rent Report

February 2019 Denver Rent Report

Welcome to the February 2019 Denver Rent Report. Denver rents remained steady over the past month. In this report, we'll evaluate trends in the Denver rental market, including comparisons to cities throughout the metro, state, and nation.

Denver rents held steady over the past month

Denver rents have remained flat over the past month, however, they are up moderately by 2.5% year-over-year. Currently, median rents in Denver stand at $1,060 for a one-bedroom apartment and $1,340 for a two-bedroom. Denver's year-over-year rent growth leads the state average of 2.4%, as well as the national average of 1.0%.

    Rents rising across the Denver Metro

    Throughout the past year, rent increases have been occurring not just in the city of Denver, but across the entire metro. Of the largest 10 cities that we have data for in the Denver metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

    • Brighton has seen the fastest rent growth in the metro, with a year-over-year increase of 18.0%. The median two-bedroom there costs $1,820, while one-bedrooms go for $1,430.
    • Over the past year, Parker is the only city in the metro that has seen rents fall, with a decline of 3.0%. Median two-bedrooms there cost $1,750, while one-bedrooms go for $1,380.
    • Thornton has the most expensive rents of the largest cities in the Denver metro, with a two-bedroom median of $1,880; rents went down 0.1% over the past month but rose 6.8% over the past year.
    • Denver proper has the least expensive rents in the Denver metro, with a two-bedroom median of $1,340; rents increased 2.5% over the past year but remained flat month-over-month.

    Denver rents more affordable than many similar cities nationwide

    As rents have increased moderately in Denver, a few other large cities nationwide have also seen rents grow modestly. Denver is still more affordable than most comparable cities across the country.

    • Rents increased moderately in other cities across the state, with Colorado as a whole logging rent growth of 2.4% over the past year. For example, rents have grown by 3.7% in Fort Collins and 2.0% in Colorado Springs.
    • Denver's median two-bedroom rent of $1,340 is above the national average of $1,170. Nationwide, rents have grown by 1.0% over the past year compared to the 2.5% rise in Denver.
    • While Denver's rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+3.6%), Austin (+3.3%), and Charlotte (+3.2%).
    • Renters will find more reasonable prices in Denver than most similar cities. For example, San Francisco has a median 2BR rent of $3,090, which is more than twice the price in Denver.

    For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

    City
    Median 1BR price
    Median 2BR price
    M/M price change
    Y/Y price change
    Denver
    $1,060
    $1,340
    0
    2.5%
    Aurora
    $1,230
    $1,560
    0.1%
    3.3%
    Thornton
    $1,490
    $1,880
    -0.1%
    6.8%
    Arvada
    $1,220
    $1,540
    -0.4%
    3.4%
    Westminster
    $1,270
    $1,610
    -0.8%
    3.5%
    Broomfield
    $1,370
    $1,720
    -0.6%
    5%
    Parker
    $1,380
    $1,750
    -0.1%
    -3%
    Littleton
    $1,480
    $1,870
    0.4%
    3.7%
    Brighton
    $1,430
    $1,820
    1%
    18%
    Englewood
    $1,210
    $1,530
    -0.7%
    1.6%
    Golden
    $1,230
    $1,550
    -0.9%
    -0.2%
    Lone Tree
    $1,560
    $1,980
    -0.7%
    2.7%
    See More

    Methodology - Recent Updates:

    Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

    Read more about our new methodology below, or see a more detailed post here.

    Methodology:

    Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

    Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

    Read more about our methodology here.

    About Rent Reports:

    Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

    We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.