Summary
- • Average rent in Denver is $1,994 per month
- • Studio apartments in Denver have an average rent of $1,453
- • 1-bedroom apartments in Denver average $1,822 per month
- • 2-bedroom apartments in Denver have an average rent of $2,399
- • 3-bedroom apartments in Denver average $3,048 per month
- • Denver rent prices have increased by 1% year-over-year
- • The median rent for a 1-bedroom apartment in Denver is $1,600
- • The median rent for a 2-bedroom apartment in Denver is $2,100
- • Denver is the 19th most expensive rental market in the nation
- • 52% of households in Denver are renter-occupied
- • The median household income for renters in Denver is $52,020
- • The vacancy rate for rentals in Denver is 4.91%
- • Denver's rent prices are 42% higher than the national average
- • The average apartment size in Denver is 848 square feet
- • 41% of Denver apartments are priced between $1,501-$2,000 per month
Buckle up, Denver dwellers, because the citys rent prices are like a roller coaster ride through the peaks and valleys of the real estate market. With studio apartments offering a glimmer of affordability at $1,453 a month while a spacious 3-bedroom abode can set you back $3,048, its clear to see that the Mile High Citys rental scene has something for everyone – as long as youre willing to pay the price. From the bustling vibes of LoDo to the trendy appeal of Capitol Hill, Denvers diverse neighborhoods come with a price tag that is sure to make you gasp. So, grab your wallet and a sense of humor as we unravel the numbers behind the 19th most expensive rental market in the nation, where the average rent may make you reevaluate your life choices – or at least your dream home budget.
Apartment Characteristics
- The average apartment size in Denver is 848 square feet
- The average security deposit for a rental in Denver is $1,500
- 70% of Denver apartments are pet-friendly
Interpretation
In the concrete jungle of Denver, where space comes at a premium and security deposits are akin to a down payment on a small car, the idea of finding a pet-friendly oasis feels like stumbling upon a hidden treasure map. With an average apartment size of 848 square feet, Denverites must master the art of spatial tetris to make room for both Fido and their prized possessions without breaking the bank or the building's rules. In this rental landscape, the true measure of luxury isn't just square footage, but the coveted status of being able to pamper both yourself and your furry companion in unison.
Market Conditions
- The vacancy rate for rentals in Denver is 4.91%
Interpretation
In a city where even the squirrels seem to have their own little nests, Denver's modest vacancy rate of 4.91% is a hot topic among those in the rental market. With space at a premium, this statistic serves as a gentle reminder that finding the perfect Denver abode may require some savvy maneuvers - from stalking listings like a hawk to sweet-talking landlords like a pro. So grab your hiking boots and your negotiating skills, because in the Mile-High City, the rental game is no walk in the park.
Market Rankings
- Denver is the 19th most expensive rental market in the nation
Interpretation
Denver's average rent ranking as the 19th most expensive rental market in the nation shows that while the Mile High City may offer breathtaking views, its real estate prices can sometimes take your breath away too. With the cost of living on the rise, it seems that Denver's rental market is reaching new heights - quite literally. So, whether you're scaling the Rockies or just trying to make rent, it's clear that in this city, the altitude isn't the only thing that's high.
Rent Comparisons
- Denver's rent prices are 42% higher than the national average
- Denver's rent prices are 18% higher than the Colorado average
- Denver's rent prices are 5% lower than Boulder's
- Denver's rent prices are 15% higher than Colorado Springs'
- The average rent in Aurora is $1,650
- Denver's rent prices are 8% higher than Lakewood's
Interpretation
In the ever-escalating game of Colorado rent roulette, Denver seems to be playing hardball as the high roller at the table. With rent prices soaring 42% above the national average and cheekily edging out the competition within the state, it appears Denver has painted a target on its back for both tenants and penny-pinching rivals alike. While the Mile High City may have to hold on tight to its purse strings in comparison to its neighbors, one thing is clear: when it comes to renting in Colorado, the price tags just keep getting higher and the stakes keep on rising.
Rent Distribution
- 41% of Denver apartments are priced between $1,501-$2,000 per month
- Only 4% of apartments in Denver rent for less than $1,000 per month
- 18% of Denver apartments rent for over $2,500 per month
- 63% of apartments in Denver rent for more than $1,500 per month
Interpretation
In the wild world of Denver's rental market, it seems that luxury is the new normal and frugality is a rare breed. With only a measly 4% of apartments going for less than $1,000 per month, it's clear that bargain hunters are facing an uphill battle. Meanwhile, the upper echelon of Denver's housing scene is thriving, with a staggering 18% of apartments commanding over $2,500 per month. So for those in search of a middle-ground abode, good luck navigating the sea of options priced between $1,501 and $2,000 – it's a veritable jungle out there.
Rent Prices
- Average rent in Denver is $1,994 per month
- The median rent for a 1-bedroom apartment in Denver is $1,600
- The median rent for a 2-bedroom apartment in Denver is $2,100
Interpretation
In the land of the Mile High City, where the rent may be high but the mountains are higher, one can't help but ponder the curious case of Denver's housing market. With an average rent that could make your wallet shed a tear at $1,994 per month, it seems living in the Rockies comes at a cost. Yet, amidst the towering peaks of rent prices, there lies a tale of two medians - a cozy 1-bedroom oasis for $1,600, and a spacious 2-bedroom abode demanding a princely $2,100. As Denverites navigate the peaks and valleys of rental prices, one thing is clear: in this city of altitude, even the rent is sky-high.
Rent Trends
- Denver rent prices have increased by 1% year-over-year
- Rent in Denver has increased by 43% since 2014
- Denver's year-over-year rent growth lags the state average of 1.8%
- Denver's year-over-year rent growth lags the national average of 2.3%
- Studio apartments in Denver have seen a 2% increase in rent year-over-year
- 1-bedroom apartments in Denver have seen a 1% increase in rent year-over-year
- 2-bedroom apartments in Denver have seen a 3% increase in rent year-over-year
- Denver's rent growth has outpaced wage growth by 2.5% over the past 5 years
- Denver's rent prices have increased by 5.2% over the past 3 years
- Denver's rent prices have increased at an average rate of 3.5% annually over the past decade
Interpretation
Denver's rent prices are on a relentless upward trajectory, leaving residents grappling with sticker shock as they navigate the city's increasingly expensive housing market. While the statistics paint a sobering picture of escalating costs, one cannot help but wonder if Denver's rent prices are in a perpetual race against themselves. With rent growth outstripping both state and national averages and gleefully distancing itself from wage growth, it seems that in the Mile High City, the only thing higher than the altitude is the cost of living.
Rent by Apartment Type
- Studio apartments in Denver have an average rent of $1,453
- 1-bedroom apartments in Denver average $1,822 per month
- 2-bedroom apartments in Denver have an average rent of $2,399
- 3-bedroom apartments in Denver average $3,048 per month
- The average rent for a luxury apartment in Denver is $2,736
- The average rent for a pet-friendly apartment in Denver is $2,150
- The average rent for a furnished apartment in Denver is $2,400
- Short-term rentals in Denver have an average daily rate of $150
- The average rent for a studio apartment in Downtown Denver is $1,650
- The average rent for a 1-bedroom apartment in Capitol Hill is $1,450
- The average rent for a 2-bedroom apartment in LoDo is $2,800
- The average rent for a newly constructed apartment in Denver is $2,350
- The average rent for a loft apartment in Denver is $2,200
- The average rent for a studio apartment in Cherry Creek is $1,800
- The average rent for a 1-bedroom apartment in Washington Park is $1,950
Interpretation
In the bustling landscape of Denver's real estate, it seems the only certainty is the uncertainty of the rental market. From the sleek luxury apartments to the cozy pet-friendly abodes, the price tags paint a vivid picture of the city's diverse housing options. With studio apartments in Downtown Denver demanding a premium while 2-bedroom apartments in LoDo boast a hefty price tag, it's clear that Denver's rental scene is a game of balancing budgets and desires. Whether you're eyeing a chic loft in Cherry Creek or a quaint 1-bedroom in Capitol Hill, one thing is for certain - in this city of soaring mountains and rising rents, finding your perfect nest comes with a cost worth considering.
Rent by Neighborhood
- The average rent in Downtown Denver is $2,195
- Capitol Hill has an average rent of $1,675
- The average rent in LoDo (Lower Downtown) is $2,350
- The most affordable neighborhood for renters in Denver is Westwood
- The most expensive neighborhood for renters in Denver is LoDo
- The average rent in Cherry Creek is $2,450
- The average rent in Five Points is $1,995
- The average rent in Washington Park is $2,100
- The average rent in the Denver Tech Center (DTC) is $1,850
- The average rent in Highlands Ranch is $1,975
Interpretation
In the grand theatrical production titled "Renting in Denver," each neighborhood takes on a distinct role. Downtown Denver struts onto the scene as the flashy lead, commanding attention with a rent price of $2,195, while Capitol Hill plays the supporting role quite comfortably at $1,675. LoDo, Lower Downtown’s haute couture counterpart, steals the spotlight at $2,350, emerging as the diva of the show. Meanwhile, Westwood quietly takes on the role of the frugal underdog, offering a budget-friendly haven amidst the hustle and bustle of the city. And in a twist fit for a classic melodrama, LoDo snatches the title of the prima donna with the highest rent, leaving Cherry Creek trailing slightly behind. As the curtain falls, each neighborhood's rent price represents not just a number, but a character in Denver's vibrant theatrical landscape.
Rent by Property Type
- The average rent for a 3-bedroom house in Denver is $2,800
- The average rent for a 4-bedroom house in Denver is $3,200
- The average rent for a townhouse in Denver is $2,450
Interpretation
In Denver's rental market, it seems that as the number of bedrooms increases, so does the price tag – proving that in the Mile High City, the cost of an extra bedroom is worth more than just a good night's sleep. Whether you're eyeing a cozy townhouse or a spacious four-bedroom abode, be prepared to part with some serious cash. So, if you find yourself debating between a third or fourth bedroom, just remember: in Denver, it's not just about counting sheep, but counting those dollar signs as well.
Renter Demographics
- 52% of households in Denver are renter-occupied
- The median household income for renters in Denver is $52,020
- 44% of Denver renters are cost-burdened, spending more than 30% of their income on rent
- The median age of renters in Denver is 34 years old
- 25% of Denver renters have a bachelor's degree or higher
- Denver's rent-to-income ratio is 28%, slightly above the recommended 25%
- 30% of Denver renters have lived in their current apartment for 5 years or more
- 40% of Denver renters are single
Interpretation
In a city where the rent is as high as the altitude, Denver's statistics paint a colorful portrait of its renter population. With over half the households opting for rental living, it seems the Mile High City is filled with a diverse mix of individuals finding their place among the Rocky Mountains. The fact that nearly half of Denver's renters are feeling the financial pinch of high rents underscores the challenges faced by many in this rapidly growing city. Yet, with a relatively young demographic and a quarter holding a bachelor's degree or higher, it's evident that Denver's renters are a resilient and educated bunch, striving to navigate the peaks and valleys of urban living.
