Zillow: Rent going up 4% in Denver this year

Posted at 6:08 PM, Jan 22, 2016
and last updated 2016-01-22 20:51:47-05

The average Denver rent is expected to increase four percent over the next 12 months, according to real estate database

The projection would place the Mile High City as the fifth place with the highest rent across the nation. 

But according to Ron Throupe, professor at University of Denver, rent increases are actually slowing down. "If there's demand, there's going to be people moving. That's just how it is," said Throupe. 

In 2015, rent increased 8.7 percent, beating every other state around the country.

Experts said the increase in rent is due to Denver's job market and other attractive features about the city. However, they said the wage increase hasn't matched the rent prices.

"They've priced out a little bit or had to move on to different types of units," Throupe said.

A sentiment echoed on the streets of Denver. A local street magician told Denver7's Kyle Horan he was planning to leave the city after 15 years. Las Vegas is his next stop, where rent prices, he claims, are half of Denver's.

"I used to rent a condo that was a two bedroom, really nice upscale condo in the suburbs for $750 a month. Now, I'm paying more than that for a one bedroom which might as well be a studio in Cap Hill," he said.


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