Since the COVID-19 pandemic hit Colorado in March, Denver has experienced the largest and one of the only rent drops in the metro area, according to the January Apartment List Rent Report.
For nine months straight, rent prices have steadily decreased in Denver, making for a 6.6% drop so far. The city’s last rent increase was in March.
Denver’s median rent is currently $1,254 for a one-bedroom apartment and $1,536 for a two-bedroom, down 0.8% from last month and 5.3% from this time last year, according to the report.
Denver’s year-over-year rent growth of -5.3% is significantly lower than the rest of the state and the rest of the country, averaging -1.6% and -1.5% respectively.
Meanwhile, nearby cities within the Denver metro region have fared much better during the pandemic.
According to the report, year-over-year rents have increased in seven out of the 10 largest cities in the Denver metro area: Thornton, Arvada, Westminster, Parker, Littleton, Englewood and Lone Tree.
Lone Tree now has the most expensive rents in the Denver metro area, with a two-bedroom median price of $2,066.
Aurora has seen no increase or decline in rent compared to last year and Broomfield is the only other metro city to experience a decline with -2.6% — still much less severe than Denver’s -5.3%.
In Colorado Springs, rents have increased by 4.8% and in Fort Collins, they have decreased by 2.5%, according to the report.
However, Denver is far from the only large city experiencing this rent decline. Denver didn’t even crack the top 10 for cities with the lowest rent growth during the pandemic.
San Francisco, Seattle, Boston, New York City and Washington D.C. had the lowest rent growth in the country since March, experiencing from -26.7% in San Francisco to -15.3% in Washington D.C.
The full report is available online at apartmentlist.com.