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New report finds Denver rent prices are decreasing in most expensive areas

Rent drop
Posted at 9:03 AM, Jan 28, 2021
and last updated 2021-01-28 11:03:55-05

DENVER — According to a new Apartmentguide.com report, rent prices for some of Denver’s most expensive neighborhoods are decreasing while prices in more affordable areas are increasing.

The latest report analyzed housing data from 2020 and highlighted several of Denver’s most popular neighborhoods.

“In one neighborhood on the list of the 10 most expensive places to live, prices have dropped significantly, about 20%, over the past year,” said Brian Carberry, senior managing editor for Apartmentguide.com.

That neighborhood is City Park West.

According to the report, in places that are generally more affordable like Southmoor Park, rent prices increased by about 25%.

Carberry said typically rent prices go up in the summer, a more desirable time to move, and come down in the winter.

“This past year, that trend was delayed a few months. Because of the pandemic, no one was going anywhere, no one was moving. So we did start to see prices go up in July or August. I think there was a short little peak and they stayed related, flat, or have started to decline since then,” Carberry said.

Carberry said for those looking for the best price on an apartment, now is the time to move because eventually the prices will start to increase again once demand increases.