Data: Where rent prices are cheapest in cities near Denver
Many cities in the Denver metro area are seeing cooling rent growth, with prices decreasing locally more than most other large cities in the U.S.
DENVER (KDVR) -- In this economy, renters across the country are always looking for ways to save money on living expenses.
Luckily for Coloradans, many cities in the Denver metro area are seeing cooling rent growth, with prices decreasing more than most other large cities in the U.S., according to a recent report by rental market site Apartment List.
For the report, Apartment List used data including rent statistics from the U.S. Census Bureau.
Rent prices falling near Denver
Rent prices have been falling around Denver recently, as rent is known to decrease during the fall and winter months when demand is lower.
According to data from Apartment List, the Mile High City has seen rent costs decrease by 3.9% over the last year, and 2% over the last month. That puts Denver at No. 3 for the slowest rent growth among the 100 largest cities in the country for the last month.
However, a city near Denver has seen rent prices decrease even more. According to the report, monthly rent decreased by 2.3% over the last month in Aurora, which ties with Boston for No. 1 for slowest rent growth among the 100 largest cities in the country.
Both Aurora and Denver have seen rents decrease more than the national average of 0.8%. Colorado Springs was right in the middle with rent prices decreasing by 0.8% over the last month, according to the report.
Some nearby cities that are not among the 100 largest in the country saw rents decrease even more than Denver and Aurora. The slowest rental price growth is in Greenwood Village, with prices decreasing 5.8% over the last year.
The only Denver metro area city that showed growth in rental prices over the last month was Castle Rock. The only city that showed growth over the last year was Thornton.
Where rent is the lowest in the Denver metro area
According to the data from Apartment List, Englewood is the most affordable city for renters in the Denver metro area with a median one-bedroom rent price of $1,201, followed by Wheat Ridge with a median one-bedroom rent price of $1,225.
When it comes to two-bedroom units for rent, Wheat Ridge had the most affordable options with a median two-bedroom rent price of $1,528, followed by Castle Rock with a median two-bedroom rent price of $1,579.
Here is rental data for Denver metro area cities from Apartment List:
City Median 1-bedroom rent Median 2-bedroom rent Month over month rent growth Year-over-year rent growth Arvada $1,435 $1,679 -2.0% -2.0% Aurora $1,346 $1,703 -2.3% -5.2% Broomfield $1,804 $2,175 -2.5% -1.8% Castle Rock $1,463 $1,579 0.3% -4.6% Centennial $1,733 $1,971 -0.9% -0.5% Denver $1,504 $1,874 -2.0% -3.9% Englewood $1,201 $1,704 -1.8% -1.8% Glendale $1,437 $1,818 -2.9% -2.7% Golden $1,371 $1,737 -4.5% -5.0% Greenwood Village $1,687 $2,126 -3.5% -5.8% Highlands Ranch $1,792 $2,230 -1.7% -1.0% Lakewood $1,513 $1,697 -2.2% -1.7% Littleton $1,369 $1,681 -2.2% -1.5% Lone Tree $1,802 $2,228 -0.5% -2.1% Northglenn $1,422 $1,758 -2.4% -2.4% Parker $1,707 $1,931 -1.3% -1.6% Thornton $1,624 $1,890 -2.1% 1.8% Westminster $1,574 $1,738 -1.8% -1.5% Wheat Ridge $1,225 $1,528 -1.7% -0.3%
Rent still high despite recent decreases
The median rent in Denver stands at $1,504 for a one-bedroom apartment and $1,874 for a two-bedroom apartment. The overall median rent in the Mile High City is currently $1,700, according to Apartment List, which is the 25th highest among the 100 largest cities in the U.S.
Aurora ranked among the 100 largest cities in the U.S. with the No. 33 highest median rent cost at $1,650. Colorado Springs ranked at No. 47.
Rent costs in all three of the Denver metro area cities on the list landed above the national averages of $1,214 for a one-bedroom unit, $1,368 for a two-bedroom and $1,382 overall. That makes the median rent in Denver 23% higher than the national median.
What's Your Reaction?
