COVER STORY Building with Cranes Denver skyline

Denver is booming and thriving, but many would say it's also reeling.

Denver, with the sixteenth-highest median rental price for a one-bedroom apartment in the country, saw average rents decrease over the past month by 5%.

According to the San Francisco-based apartment search platform Zumper, the median rent in the Denver metro area now stands at $1,520, slightly less expensive than Long Beach and slightly more expensive than Philadelphia. It still represents a 0.7% increase over this time last year.

San Francisco remained the most expensive jurisdiction, with a median price of $3,490 for a one bedroom apartment, although that number represented a 2% decline over the prior year.

California, which is experiencing a housing shortage, had five cities in the list of top 10 most expensive one-bedroom rentals.

In a Denver-specific report last month, Zumper found that only Boulder had higher average rents than Denver, at $1,790 for a one-bedroom rental. Greeley was the cheapest, at $880 per month.

Lakewood, which adopted 1% growth on new housing after a special election in July, currently ranks slightly below the metro area’s median rent. Opponents of the measure predicted that affordable housing options for lower-income residents would suffer as a result.

Golden, the other metro area city with a growth cap, was not evaluated in the Zumper report.

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