Colorado Politics

Denver rent prices continue to decline while other big markets see rebound

Rent prices across the major markets in the United States saw their first rebound since the start of the pandemic, but in Denver, rent prices continued to drop.

Over the last month, rent prices throughout the Mile High City declined .3% to 5.5% less when compared to this time last year – while Phoenix saw a 4.8% increase, and nationally prices rose .7%, the largest amount since 2019, according to a report by online renting resource Apartmentlist.com.

Despite the continued decrease in rent prices across Denver, seven of the city’s ten largest suburbs have increased throughout the pandemic. 

Parker has seen the largest increase in rent prices as a median two-bedroom apartment costs $1,791, which is 3.7% higher than a year ago, according to the report. 

When comparing rent prices of a two-bedroom apartment in Parker rather than Denver, the average renter is paying $250 more to live outside of the city, according to the report. 

Similarly, Aurora saw a .5% increase in rent prices last month, and Littleton saw a .7% increase. 

However, not all suburbs experienced an increase in rent prices this month. Thornton’s average prices decreased by .1% but increased by 2.7% this time last year.

The snow covered Longs Peak and the Rocky Mountains stand behind Downtown Denver skyscrapers, hotels, office and apartment buildings with homes and condos in the foreground. (Stock image) 
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