DENVER – The cost of renting in Denver continued to rise last month, according to the latest data from ApartmentList.
Overall, rents were up 0.9 percent in May for a median monthly cost of $1,040 for a 1-bedroom unit and $1,310 for a 2-bedroom. The increase is similar to what we’ve seen in the past few months but compared to the same time last year, it’s an increase of 1.7 percent.
The latest ApartmentList report uses new methodology that aims to reduce the influence of some of the most expensive apartments and provide more accurate numbers. To that end, the median 2-bedroom rent is nearly $500 less than the price ApartmentList reported last month.
Don’t let that number fool you, though; rents have not dropped dramatically. Applying the new methodology to past months, the upward trend remains the same. ApartmentList says the latest report is a more accurate reflection of what typical renters are actually paying.
Though Denver gets a lot of the attention when it comes to housing, ApartmentList says it is actually the most affordable of the metro area’s 10 biggest cities.
Lone Tree, with a median 2-bedroom rent of $1,940, is the most expensive, followed by Thornton and Littleton, as the graph below shows.
ApartmentList also found that Denver’s rent growth over the last year lagged behind the statewide rate of 2.8 percent. The nationwide increase was 2.6 percent.
For more information, including details on ApartmentList’s new methodology, log on to apartmentlist.com.