Average Rent in Denver & Rent Price Trends
Thinking about moving to Denver? The Mile High City has tons to offer, from outdoor recreation to delicious craft brews. Before making your move, learn about the average rent in Denver to map out your budget.
Average Rent in Denver
- The average rent for a Denver studio apartment is $1,128.
- The average rent for a Denver 1-bedroom apartment is $1,276.
- The average rent for a Denver 2-bedroom apartment is $1,564.
- The average rent for a Denver 3-bedroom apartment is $1,867.
Rent Trends: Denver's Rent Growth
Similar to many large cities across the country, rents are falling this year due to the pandemic. Denver rent prices are down just 0.8% over the past month. However, rents in Denver have fallen 5.2% compared to this same time last year.
Rent Trends: Denver's Apartment Inventory by Price
- 69% of Denver apartments cost between $1,000-$1,999 per month.
- 23% of Denver apartments cost between $2,000-$2,999 per month.
- 6% of Denver apartments cost over $3,000 per month.
Rent Trends: Denver Apartment Inventory by Layout
- 11% of apartments in Denver are studio apartments.
- 51% of apartments in Denver are 1-bedroom apartments.
- 33% of apartments in Denver are 2-bedroom apartments.
- 5% of apartments in Denver are 3-bedroom apartments.
Average Rent in Denver Neighborhoods
| Neighborhood | Average 1-BR Rent | Average 2-BR Rent |
|---|---|---|
| Washington Park / Belcaro | $2,200 | $3,009 |
| Cherry Creek | $1,999 | $3,386 |
| Downtown | $1,971 | $2,974 |
| Speer | $1,902 | $2,984 |
| Jefferson Park | $1,876 | $2,392 |
| Highland | $1,844 | $2,446 |
| City Park | $1,781 | $2,560 |
| West Colfax | $1,771 | $2,388 |
| Overland | $1,701 | $2,180 |
| Lincoln Park / Baker | $1,689 | $2,348 |
Most Expensive Denver Neighborhoods
1. Washington Park: Washington Park (Aka Wash Park) is a local favorite. This residential neighborhood is centered by Washington Park, an expansive park featuring two lakes and tons of open green space. If you love being outdoors, you'll love Wash Park. Prime location and outdoor opportunities make it a pricey area. An average Washington Park apartment costs $2,220.
2. Cherry Creek: Cherry Creek is an upscale Denver neighborhood and Denver's premier shopping district. Cherry Creek is also home to a lively arts scene and is a quick 4 miles from Downtown. The average price of a Cherry Creek apartment is $1,999.
3. Downtown: Live in the center of the city in Downtown Denver. Whether it's historic areas, bustling nightlife, or delicious street food, you'll never lack things to do in Downtown Denver. Living in the heart of the city obviously comes with a steep price tag. The average Downtown Denver apartments rent for $1,971.
Most Affordable Denver Neighborhoods
1. West Denver: West Denver is a large residential area that occupies a few different smaller neighborhoods. The further north you live in West Denver, the closest you'll be Downtown. Living in West Denver also puts you closer to the mountains, which makes the area perfect for outdoor enthusiasts. The most affordable neighborhood in Denver, an average priced West Denver apartment costs $1,030.
2. Goldsmith: Goldsmith is a small neighborhood that's about 10 miles south of Downtown. This neighborhood's schools, parks and walking trails, and laid-back vibe make it great for families. Average Goldsmith apartments cost $1,084 per month.
3. Washington Virginia Vale: Washington Virginia Vale is in Southeast Denver, and practically bordering Cherry Creek. If you are looking to live in a more affordable area that's still next to everything, this neighborhood is for you. Washington Virginia Vale apartments run around $1,098 per month.
What Salary Do You Need to Live in Denver?
Not sure how much you need to make to live comfortably in Denver? Using the 30% rule, we can estimate the salary needed to live in Denver. Keep in mind, this is a rule of thumb and the numbers are based on living alone. Renting with a roommate or two will cut these numbers down tremendously.
If you need more help finding how much rent you can afford in Denver, try our rent calculator.
- If you are renting an average priced studio apartment in Denver, your annual salary should be around $40,608 or higher.
- If you are renting an average priced 1-bedroom apartment in Denver, your annual salary should be around $45,936 or higher.
- If you are renting an average priced 2-bedroom apartment in Denver, your annual salary should be around $56,304 or higher.
Ready to start apartment hunting in Denver? Find your dream Denver apartment by starting our quiz!