January 2019 Golden Rent Report

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

Golden rents increased significantly over the past month

Golden rents have increased 0.4% over the past month, and are up slightly by 1.4% in comparison to the same time last year. Currently, median rents in Golden stand at $1,240 for a one-bedroom apartment and $1,560 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in September. Golden's year-over-year rent growth lags the state average of 2.2%, but exceeds the national average of 0.9%.

Rents rising across the Denver Metro

Throughout the past year, rent increases have been occurring not just in the city of Golden, 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 16.3%. The median two-bedroom there costs $1,800, while one-bedrooms go for $1,420.
• Over the past month, Parker has seen the biggest rent drop in the metro, with a decline of 5.2%. 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 $1,890; rents grew 0.3% over the past month and 6.2% over the past year.
• Denver proper has the least expensive rents in the Denver metro, with a two-bedroom median of $1,340; rents went down 0.1% over the past month but rose 2.5% over the past year.

Many large cities nationwide show more affordable rents compared to Golden

As rents have increased slightly in Golden, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Golden is less affordable for renters.

• Rents increased moderately in other cities across the state, with Colorado as a whole logging rent growth of 2.2% over the past year. For example, rents have grown by 2.8% in Fort Collins and 1.7% in Colorado Springs.
• Golden's median two-bedroom rent of $1,560 is above the national average of $1,180. Nationwide, rents have grown by 0.9% over the past year compared to the 1.4% rise in Golden.
• While Golden's rents rose slightly over the past year, many cities nationwide also saw increases, including Austin (+3.4%), Phoenix (+3.3%), and Charlotte (+2.7%).
• Renters will generally find more expensive prices in Golden than most large cities. For example, Phoenix has a median 2BR rent of $1,060, where Golden is nearly one-and-a-half times that price.