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Denver metro rental market: Prices still high, but there is some good news, report finds

A new report found Denver is still the 20th most expensive rental market in the U.S. – but there could be good news ahead for renters in 2024.
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Posted at 4:58 PM, Jan 08, 2024
and last updated 2024-01-08 18:58:29-05

DENVER — A new study is breaking down just how expensive it can be to rent an apartment in Colorado, but there could be good news ahead for renters in 2024.

The study is from the online rental marketplace, "Zumper."

When they compared prices, they found that Golden was the most expensive city to rent from with the one bedroom median rent there being $1,820. Boulder and Castle Rock followed with median rents of $1,800 and $1,790 respectively.

The least expensive city was Greeley at $1,150 for the median rent for a one bedroom, followed by Englewood at $1,280 and Arvada at $1,350.

No matter where you go, it's likely you'll be able to spot new apartments being built.

"The Denver rental market is seeing a record number of new supply coming online. So when we looked at our internal sample data, we saw that rent inventory already is up 15% for Denver year-over-year," said Crystal Chen with Zumper.

Denver was the 20th most expensive city in the country with the one bedroom median rent price at $1,760.

Zumper said compared to this time last year, they found median rents actually went down.

"December of last year to December that just passed, more than half of the city's RMS report had beds declined on a one-year basis," she said.

Part of that could be attributed to the fact that rents typically tend to dip in the winter.

"Demand for rentals is at its lowest, since most people don't really want to move during the winter months. Then landlords will typically price down units," she said.

Chen said with all the big new apartment buildings opening up and competing with each other, it could mean good news for renters, depending on your budget.

"New developments tend to lean toward luxury, and more high-end. Which means in 2024, it's a good time for renters to snag a good deal on an amenity-rich apartment that may have previously been out of reach," said Chen.

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