Welcome to the December 2014 Denver Rental Price Monitor! Prices in Denver are rising 3.4 times faster than national averages, and in this report we’ll be looking at trends across the whole area as well as variations between suburbs and neighborhoods.
Rent Growth: Denver vs the US
December rent for a 1 bedroom unit in the city of Denver averaged $1040, while 2 bedroom rents averaged $1390. This makes Denver the 11th most expensive major US city, with an average 2 bedroom price that’s 46% above the national average. Across the Denver metro area, average rents were $960 for a 1 bedroom and $1220 for a 2 bedroom, with renters paying a moderate premium to be in Denver proper.
Rent in the Denver metro area has exploded over the past year. While national averages for a 2 bedroom unit are up 2.8% from December 2013, prices in the Denver metro have jumped 9.6% since last year. That growth far outpaces other major metro areas, with no signs of slowing down.
Rents in Top Denver Suburbs
All nine of Denver’s top suburbs have rents above the national average, with that gap growing each month. Here are some key statistics:
- Broomfield is Denver’s most expensive major suburb, with 1 bedrooms averaging $1260 and 2 bedrooms averaging $1510. The technology-focused city also saw the area’s slowest year-over-year growth, however, with prices up just 3.5% from this time last year.
- Four Denver suburbs have rents that average between $1200 and $1300 per month for 2 bedrooms: Centennial ($1280), Littleton ($1250), Westminster ($1220) and Thornton ($1210). Prices in those four cities are also among the fast-growing in the metro area, with Centennial marking the biggest spike since 2013 at 13.6%.
- The most affordable major city in the Denver metro area is Arvada. Rent for a 1 bedroom averaged $890 in December, while 2 bedrooms averaged $1050. While 2 bedroom prices rose 6.7% since last year, average rates for 1 bedrooms in Colorado’s seventh-largest city jumped faster than in any other Denver suburb, up 14.3%.
Top 10 Most Expensive Denver Neighborhoods
- Denver’s most historic neighborhood is also its most expensive. LoDo, or the Lower Downtown Historic District, averages $1870 for a 1 bedroom and $2,790 for a 2 bedroom. That’s more than double the city’s average 2-bedroom price.
- Most Denver neighborhoods saw prices rise slightly or stay flat from November to December. Southmoor Park, however, saw a 6.1% drop, though the $1490 average for a 2 bedroom is still well above city, metro and national averages.
- Windsor is the cheapest neighborhood in the city of Denver, though a 2 bedroom still runs 17 percent above national averages. Prices stayed flat at $1110 in December.
|City||Median Price (1BR)||M/M Change (1BR)||Y/Y Change (1BR)||Median Price (2BR)||M/M Change (2BR)||Y/Y Change (2 BR)|
Apartment List RPM data is drawn from several hundred thousand monthly listings on our site. All average prices are calculated as the median for the specified size and time period. For top city rankings, we calculated median 1 bedroom and 2 bedroom rents in 100 top cities and then ranked them by 2 bedroom rents. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, and averages are not value weighted.
About Rental Price Monitors:
Apartment List Metropolitan Rental Price Monitors cover rental pricing data in major cities, their suburbs, and their neighborhoods. We provide valuable leading indicators of rental price trends, highlight data on top suburbs, and identify the top 10 most expensive neighborhoods. As always, our goal is to provide price transparency to America’s 105 million renters so that you can make the best possible decisions in choosing a place to call home. Apartment List will publish the Metro Rental Price Monitors during the first calendar week of each month.
About Apartment List:
Apartment List is the fastest-growing apartment rental marketplace in the United States, and is reinventing the rental market on a foundation of trust and transparency. Our Webby-award winning site draws nearly 3 million monthly visits and lists several hundred thousand available rental properties. Headquartered in San Francisco, Apartment List was recently named the #3 fastest growing company in the Bay Area and raised capital from an incredible team of investors led by Matrix Partners.