Denver, CO Rental Market Trends
Denver Rent Report: March 2023
Welcome to the Apartment List March 2023 Rent Report for Denver, CO. Currently, the overall median rent in the city stands at $1,537, roughly the same as last month. Prices and are now up 0.9% 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 flat month-over-month and up 0.9% year-over-year
The median rent in Denver rose by 0.3% over the course of February, and has now increased by a total of 0.9% over the past 12 months. Denver’s rent growth over the past year has has fallen behind both the state (2.6%) and national averages (3.0%).
Denver rent growth in 2023 pacing similar last year
Two months into the year, rents in Denver have risen 0.3%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to February 2022 rents had increased 0.4%.
February rent growth in Denver ranked #38 among large U.S. cities
Denver rents went up 0.3% in the past month, compared to the national rate of 0.3%. Among the nation's 100 largest cities, this ranks #38. Similar monthly rent growth took place in San Antonio, TX (0.3%) and Arlington, VA (0.3%).
Denver is the #39 most expensive large city in the U.S., with a median rent of $1,537
Citywide, the median rent currently stands at $1,370 for a 1-bedroom apartment and $1,695 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,537. That ranks #39 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,152 for a 1-bedroom, $1,320 for a 2-bedroom, and $1,343 overall. The median rent in Denver is 14.4% higher than the national, and is similar to the prices you would find in Colorado Springs, CO ($1,539) and Atlanta, GA ($1,514).
Denver rents are 8.8% lower than the metro-wide median
If we expand our view to the wider Denver metro area, the median rent is $1,685 meaning that the median price in Denver proper ($1,537) is 8.8% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.5%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 17 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 $2,368. Wheat Ridge is the metro’s most affordable city, with a median rent of $1,393. The metro's fastest annual rent growth is occurring in Highlands Ranch (8.5%) while the slowest is in Broomfield (0.3%).
You can also use the map below to explore the latest rent trends in the Denver metropolitan area.
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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